DTZ’s European alliance took a further step towards centralisation today, as parent company DTZ Holdings announced that it is now the majority shareholder of its Dutch partner Zadelhoff Participaties BV, writes Will Ellison.
DTZ Holdings acquired a further 7.5% stake in the company, taking its holding to 57.5%.
In the same transaction DTZ acquired a 100% stake in Fronton BV, also part of the DTZ Zadelhoff Netherlands group.
DTZ Zadelhoff Netherlands has a staff of 320 covering 14 cities in Holland.
Zadelhoff Participaties has net assets of €4.2m (NLG9.3m) and earned pre-tax profits of €3.7m (NLG8,142,000) according to unaudited accounts for the year to 31 December 1998.
Fronton BV has net assets of €3.5m (NLG7.7m) and earned pre-tax profits of €610,334 (NLG1.4m).
Mark Struckett, chief executive of DTZ Holdings, said: “This forms an even stronger bond between our companies which in turn means we are better placed to service our pan-European clients and to capitalise on the opportunities resulting from the growth in cross-border activity.”
