DTZ chooses Australian bidder

Property agent DTZ has named Australian firm UGL as its preferred bidder as the company looks for a buyer.
By The Newsroom
Published 8th Nov 2011, 08:36 BST

UGL has until December 6 to make a firm offer for DTZ, which has an office in Leeds.

This latest development follows the announcement last month that DTZ was looking for a buyer following the breakdown of takeover talks with its largest shareholder, French family firm Saint George Participations.

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It said today: “A potential combination of DTZ and UGL could create one of the world’s largest real estate services operations.

“UGL is a leader in corporate real estate advisory, integrated facilities management and project management services through its UGL Services business.

“UGL is listed on the Australian Securities Exchange and has a current market capitalisation of £1.4bn and total revenue of £3bn.

“The pro forma combined 2011 revenue of UGL Services and DTZ would amount to £1.2bn, the third highest in the real estate services industry globally.”

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The statement added that the combined companies would employ approximately 24,000 permanent staff across 225 offices in 45 countries.

The new set up would bring together DTZ’s European and Middle East presence with UGL’s services in Australia, New Zealand and North America.

Related topics:Leeds