Australia firm pays £77.5m for DTZ

The deal would give UGL combined annual revenues of A$5.1bn (£3.3bn).

Richard Leupen, UGL managing director and chief executive, said demand for managing offices and facilities from global players was on the rise.

“A lot of Chinese companies are now establishing in the West and Europe, in America and visa versa,” he said. “With this transaction, we have probably one of the best connections globally than anyone between the Americas, Europe and Asia.”

UGL, a broad-based infrastructure firm engaged in manufacturing and outsourcing, manages everything from shopping malls to hospitals and schools and offers property services such as corporate leasing, cleaning and energy management.

DTZ, which has an office in Leeds, was placed into administration before the acquisition. A previous bid by majority shareholder Saint George Participations, with BNP Paribas Real Estate, collapsed in October due to the eurozone financial turmoil.