DTZ consolidates its Asian operations

International property advisor DTZ Holdings has announced it has strengthened its operations in the Asia Pacific region with the purchase from HK Millennium of the remaining 70% it did not already own of DTZ Pacific. (DTZ North Asia).

In turn, DTZ North Asia owns and operates DTZ Debenham Tie Leung across mainland China, Hong Kong and Taiwan. DTZ Holdings previously owned 30% of DTZ North Asia, through purchases of its equity in December 1999 and January 2002.

Now DTZ is to acquire the rest for HK$356.9 mln (EUR 34.8 mln), made up of HK$278.6 mln (EUR 27.2 mln) in DTZ shares, with the remainder to be paid in cash. CY Leung, chairman of DTZ North Asia, has agreed to take his share of the consideration entirely in DTZ Holdings shares. As a result of this transaction, CY Leung will increase his shareholding from 664,063 shares to 2,628,305 shares. He will also take up the new post of chairman of Asia Pacific.

DTZ said its decision to buy the remaining equity of DTZ North Asia reflected the continued success of the business and the growing market share, as well as its proven fit into DTZ's global network.