From Wikipedia, the free encyclopedia
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
[
edit
]
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]
References
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