DTZ

Last updated

DTZ
FormerlyDebenham, Tewson & Chinnocks
Industry Commercial property
Founded1853
Defunct2015
HeadquartersLondon, England
Area served
Worldwide
Key people
Tod Lickerman (Chief Executive Officer)
Number of employees
47,000 (2014)
Website www.dtzglobal.com

DTZ was a London-based commercial property company. Tracing its origins back to 1853, it merged with Cushman & Wakefield in 2015 and its brand was retired.

History

Debenham & Tewson was established in London in 1853. In 1913 it merged with Chinnock, Clarke & Chinnock to form Debenham, Tewson & Chinnocks. In 1987, Debenham, Tewson & Chinnocks was listed on the London Stock Exchange. In 1993, a joint venture was formed with Jean Thouard of France, and the Zadelhoff Group of Germany and the Netherlands, forming DTZ. [1]

Timothy Melville-Ross (previously chair of Nationwide Building Society and director-general of the Institute of Directors) was chairman of the board for a period around 2005. [2]

In December 2011, parent company DTZ Holdings was placed into administration and its business entities were sold to UGL in order to repay £77.5m of an outstanding £106m debt owed to Royal Bank of Scotland. The shareholders' equity was wiped out after a deal with majority shareholder Saint George Participations and BNP Paribas Real Estate fell through. [3] [4] [5] The company was reportedly worth almost £500m around 2006. [4] The company was in financial difficulty after a spending spree prior to a financial crisis, buying Rockwood in the US and retail agent Donaldsons. [4]

In November 2014, DTZ was sold to a consortium of TPG Capital, PAG and the Ontario Teachers' Pension Plan. [6] [7] On 1 September 2015 Cushman & Wakefield and DTZ merged, and the DTZ brand was retired. [8]

DTZ Investors continues as an entity of Cushman & Wakefield and operates as a full-service vertically integrated real estate manager. [9]

Related Research Articles

<span class="mw-page-title-main">Mergers and acquisitions</span> Type of corporate transaction

Mergers and acquisitions (M&A) are business transactions in which the ownership of companies, business organizations, or their operating units are transferred to or consolidated with another company or business organization. This could happen through direct absorption, a merger, a tender offer or a hostile takeover. As an aspect of strategic management, M&A can allow enterprises to grow or downsize, and change the nature of their business or competitive position.

<span class="mw-page-title-main">Financial services</span> Economic service provided by the finance industry

Financial services are economic services tied to finance provided by financial institutions. Financial services encompass a broad range of service sector activities, especially as concerns financial management and consumer finance.

<span class="mw-page-title-main">Debenhams</span> Defunct British department store chain, 1778–2021

Debenhams plc was a British department store chain operating in the United Kingdom, Denmark and the Republic of Ireland, and is still operating as a franchise in seven Middle East countries. It was founded in 1778 as a single store in London and grew to 178 locations across those countries, also owning the Danish department store chain Magasin du Nord. In its final years, its headquarters were within the premises of its flagship store in Oxford Street, London. The range of goods sold included middle-to-high-end clothing, beauty, household items, and furniture.

<span class="mw-page-title-main">Blackstone Inc.</span> American alternative investment company

Blackstone Inc. is an American alternative investment management company based in New York City. Blackstone's private equity business has been one of the largest investors in leveraged buyouts in the last three decades, while its real estate business has actively acquired commercial real estate across the globe. Blackstone is also active in credit, infrastructure, hedge funds, secondaries, growth equity, and insurance solutions. As of May 2024, Blackstone has more than US$1 trillion in total assets under management, making it the largest alternative investment firm globally.

Investcorp is a global manager of alternative investment products, for private and institutional clients. Founded in Bahrain in 1982, the firm has offices in United States, United Kingdom, Saudi Arabia, Qatar, United Arab Emirates, India, China, Japan, and Singapore. Investcorp's principal client base is in the six countries of the Gulf Cooperation Council, but it also has a growing base of institutional clients in North America, Europe, and Asia.

<span class="mw-page-title-main">Baugur Group</span>

Baugur Group was an Icelandic investment company. The group began as a supermarket and general retail company in Iceland, before diversifying to own a number of businesses at its peak, primarily in the United Kingdom.

<span class="mw-page-title-main">Leung Chun-ying</span> Chinese politician

Leung Chun-ying, also known as CY Leung, is a Chinese politician from Hong Kong and a chartered surveyor, who has served as vice-chairman of the National Committee of the Chinese People's Political Consultative Conference since March 2017. He was previously the third Chief Executive of Hong Kong between 2012 and 2017.

<span class="mw-page-title-main">Cushman & Wakefield</span> Global commercial real estate services firm

Cushman & Wakefield Inc. is an American global commercial real estate services firm. The company's corporate headquarters is located in Chicago, Illinois.

<span class="mw-page-title-main">Nine Entertainment</span> Australian media and entertainment company

Nine Entertainment is an Australian publicly listed mass media company with holdings in radio and television broadcasting, publishing and digital media. It uses Nine as its corporate branding and also prefers this usage to be used for the parent company.

ESL Investments is a privately held hedge fund based in Greenwich, Connecticut.

UGL, formerly known as United Group, is an engineering company. The company provides construction, maintenance, and asset management services to the rail, resources, and infrastructure sectors, and corporate real estate, facilities management, and business process outsourcing services to property users. Its clients are large companies, governments and institutions in Australia, New Zealand, Asia. It was purchased by the CIMIC Group in December 2016.

Houseful is a British residential property software, data, and insight company based in London, England, owned by Silver Lake Partners.

Cresa is an international commercial real estate firm headquartered in Chicago, IL. Cresa is notable for its occupier-only real estate representation services including Transaction Management, Building Technology Solutions, Consulting, Facilities Management, Global Portfolio Solutions, Investment Banking, Lease Administration, Location Strategy & Economic Incentives, Mission Critical Solutions, Project Management, Remote Advisory Services, Supply Chain & Distribution, Technology Advisory Services, Workplace Intelligence, and Workspace Planning, Design & Support.

<span class="mw-page-title-main">Colliers International</span> Real estate investment firm

Colliers International Group Inc. is a Canada-based diversified professional services and investment management company with approximately 18,000 employees in more than 400 offices in 65 countries.

<span class="mw-page-title-main">Exor (company)</span> Investment company incorporated in Netherlands

Exor N.V. is the listed holding company of the Italian Agnelli family.

Cassidy Turley was a privately owned commercial real estate services firm. Cassidy Turley was acquired by a private equity investment consortium backed by TPG Capital, PAG Asia Capital and Ontario Teachers’ Pension Plan. In January 2015, Cassidy Turley was acquired by DTZ, which was later acquired by Cushman & Wakefield.

<span class="mw-page-title-main">Ardian (company)</span> Private equity investment company

Ardian is a France-based, independent private equity investment company, founded and managed by Dominique Senequier. It is one of the largest European-headquartered private equity funds. The company was originally set up by Dominique Senequier in 1996 as the AXA Group's private equity division, but later gained independence in 2013, and rebranded itself as Ardian. The name Ardian (ar・di・an) was inspired by an ancient European language in which 'hardjan' mean strength, durability, and boldness. Ardian manages assets worth US$150 billion in Europe, North America and Asia, and has fifteen offices. The firm offers a funds of funds, direct funds, infrastructure, private debt and real estate, and manages a direct portfolio of more than 150 companies. Its fund of funds segments owns stakes in over 1500 funds. Ardian's 880 investors include institutional investors, funds of funds, government agencies, sovereign funds, family offices, pension funds and insurance companies). The firm has been ranked one of the largest companies by amount raised in equity by Private Equity International, and was named "Company of the Year" 2013 by the readers of Private Equity International.

<span class="mw-page-title-main">Equity Group Holdings</span> Financial services holding company based in the African Great Lakes region

Equity Group Holdings Limited (EGHL), formerly Equity Bank Group, is a financial services holding company based in the African Great Lakes region. EGHL's headquarters are in Nairobi, Kenya, with subsidiaries in Kenya, Uganda, Tanzania, South Sudan, Rwanda, Democratic Republic of the Congo and a representative office in Ethiopia.

<span class="mw-page-title-main">Leung Chun-ying–UGL agreement</span>

In October 2014, it was reported that Leung Chun-ying, Chief Executive of Hong Kong, had signed an agreement in 2011 with UGL, an Australian engineering firm, in relation to its takeover of DTZ, a UK-listed real estate services company in which Leung was the director of the company. In agreement, UGL undertook to pay Leung £4 million in two instalments in 2012 and 2013 respectively, subject to specific conditions. As these payments concurred with the term of office of Leung Chun-ying as Chief Executive between 2012 and 2017, it has aroused concerns of the public in respect of the nature of payment, potential conflict of interests, relevant systems of declaration of interests and taxation implications.

<span class="mw-page-title-main">PAG (investment firm)</span> Asian investment firm

PAG is an Asian investment firm that manages multiple asset classes, including private equity, private debt, real estate and hedge funds. It is considered one of the largest private investment firms in Asia.

References

  1. "About DTZ: History". DTZ. Archived from the original on 12 November 2008 via Internet Archive.
  2. Hosking, Patrick (8 September 2005). "Investors advised against re electing DTZ chairman". The Times. ISSN   0140-0460 . Retrieved 22 February 2024.
  3. UGL acquires DTZ for £77.5 million UGL 5 December 2011
  4. 1 2 3 Ruddick, Graham (6 December 2011). "DTZ becomes a victim of the financial crisis". The Daily Telegraph . Retrieved 11 January 2017.
  5. "DTZ equity worth little or nothing, shares plunge". Reuters . 11 November 2011. Archived from the original on 13 January 2017. Retrieved 11 January 2017.
  6. UGL eyes John Holland after $1.2b DTZ buy Australian Financial Review 15 June 2014
  7. DTZ becomes a private independent global property services company DTZ 5 November 2014
  8. Cushman & Wakefield and DTZ Announce Completion of Merger Cushman & Wakefield 2 September 2015
  9. "About Us". DTZ Investors. Retrieved 22 February 2024.