DTZ’s epic journey to new ownership could be over, with news that the company had been sold to the Australian UGL Group. The company was placed into administration before the deal went through while operations continued normally. UGL was looking for a platform to widen its Asian coverage.
Richard Leupen, UGL’s managing director and chief executive, said: “Combining UGL and DTZ will create one of the world’s largest property services businesses by revenue and capability allowing us to broaden our existing property services offering across a global footprint.”
Posted in Agency
Tagged Agency, DTZ, merger, UGL
DTZ is all over the news today, thanks to a rapid fall in its share price. It’s not surprising, given a statement it made this morning which doesn’t exactly paint an optimistic picture: “Based on the valuation of DTZ derived from proposals received to date, however, and, given the level of debt within DTZ, there is minimal value, if any, that may be attributed to the ordinary shares of DTZ, although the exact value is uncertain.” Its share price had plunged 76% before 9 a.m.
A previously announced takeover deal for DTZ by BNP Paribas and DTZ’s main shareholder fell through, reportedly due to worsening access to finance.
The planned takeover of DTZ by Saint George Participations has broken down after talks on the deal broke down. Already DTZ’s largest shareholder, its plan was to sell the business on to BNP Paribas’s property unit. DTZ’s chief executive Jon Forrester said the end of the 5-month saga was a relief. ” It was a situation that was unhelpful to be in and is helpful to be out of. Today has been a good day because it provides clarity for our staff and clients.” He says the company would consider issuing shares in order to cut its debt and would entertain other bids.
Posted in Agency
Tagged Agency, DTZ, mergers
DTZ Echinox and Jones Lang LaSalle have been chosen to represent the Cocor Mall in lining up leases for the 10,000 sqm retail center. Cocor, a €24.5m investment, is located in central Bucharest and was reopened in 2010.
In office news, medical service center Medlife has rented 3,000 sqm from Rompetrol in a deal brokered by by CB Richard Ellis. The 10-storey building is located on Calea Victoriei in the center of the Romanian capital. Rompetrol, which has retained ownership of its old headquarters, has moved to the City Gate office building in a deal that was also brokered by CBRE.
Posted in Agency, deals, developers, office, retail, Romania
Tagged Bucharest, CBRE, Coro, DTZ, JLL, retail, Rompetrol
UniCredit has finally given the go-ahead to make public what’s been common knowledge for some time: it’s moving into the Filadelfie building in Prague 4. The only spec building we know of to have been completed last year in Prague, it was a poorly kept secret that UniCredit would be taking the space. Worth the wait, though — not every day you get a 26,700 sqm lease. The developer, PasserInvest, is obviously pleased with the outcome. DTZ should be too, since it acted for UniCredit during the transaction.
Mind you, takeover and merger stories run rampant these days. But our trusty (anonymous) tip box today carried an interesting note about stories of a possible takeover of DTZ. That would explain the jumps in its stock price over the last day or two. The company acknowledges there have been approaches, but says it’s all very preliminary at the moment.
“There can be no certainty that any structure will be progressed or that any offer will be ultimately made,” it wrote in a statement.
Update: The Daily Telegraph is quoting an anonymous source as saying that DTZ’s biggest shareholder, SGP, is considering a plan to buy up remaining shares, take off the market and sell it on to BNP Paribas. The bank would then merge the company with its own real estate business. It’s an anonymous source, remember. They’ll say anything. It’s moving the market, though, so it’s news.
Posted in Agency
Tagged Agency, DTZ
–Fashion House has wasted no time getting construction going in Moscow after picking up the construction permit for its latest outlet mall. The €97m, 28,641 sqm scheme is being financed by the Liebrecht & Wood Investment Fund. So…no bank? In case you’re wondering, 65% of the 16,000 sqm first phase is pre-let
–Balazs Czifra has been appointed DTZ’s new country head for Hungary. Balazs’s most recent position was as commercial director for Continental Europe at Segro, but having spent nine years before that at DTZ, he’s no stranger to the company.
Posted in Uncategorized
Tagged DTZ, news