The UGL deal will propel DTZ into the upper ranks of global real estate services businesses, chief executive John Forrester said this morning. “Our service proposition looks more like Jones Lang LaSalle and CBRE today than it did yesterday,” Forrester told Estates Gazette after naming Australian support services group UGL as its preferred bidder. “We will have one of the best balance sheets in the sector and low levels of gearing. That’s why it’s so compelling. I couldn’t be more excited about the business platform this gives clients and staff.” However, there is “no certainty that a firm offer will be made by UGL for DTZ”, according to the annoucement. Forrester remains confident. He said: “It has the absolute support of the respective boards of both sides.” The Australia-listed firm has a current market capitalisation of A$2.1bn (£1.4bn) and total revenue of A$4.6bn. The pro forma combined 2011 revenue of UGL Services and DTZ would amount to £1.2bn, the third-largest in the real estate services industry globally. The combined property services business would have around 24,000 permanent employees, 225 offices and operate in 45 countries. A relieved and exhausted Forrester said: “The whole team here is committed to delivering for all stakeholders. I’ve not been to bed for three days.” damian.wild@estatesgazette.com
The UGL deal will propel DTZ into the upper ranks of global real estate services businesses, chief executive John Forrester said this morning. “Our service proposition looks more like Jones Lang LaSalle and CBRE today than it did yesterday,” Forrester told Estates Gazette after naming Australian support services group UGL as its preferred bidder. “We will have one of the best balance sheets in the sector and low levels of gearing. That’s why it’s so compelling. I couldn’t be more excited about the business platform this gives clients and staff.” However, there is “no certainty that a firm offer will be made by UGL for DTZ”, according to the annoucement. Forrester remains confident. He said: “It has the absolute support of the respective boards of both sides.” The Australia-listed firm has a current market capitalisation of A$2.1bn (£1.4bn) and total revenue of A$4.6bn. The pro forma combined 2011 revenue of UGL Services and DTZ would amount to £1.2bn, the third-largest in the real estate services industry globally. The combined property services business would have around 24,000 permanent employees, 225 offices and operate in 45 countries. A relieved and exhausted Forrester said: “The whole team here is committed to delivering for all stakeholders. I’ve not been to bed for three days.” damian.wild@estatesgazette.com
