Cushman & Wakefield has agreed to buy the remaining 80% stake in Sherry FitzGerald’s commercial property arm.
This will give C&W 100% ownership of the business. It took a 20% stake two years ago, subsequently rebranded as Cushman & Wakefield Ireland.
Sherry FitzGerald employs more than 100 people across offices in Dublin, Limerick and Galway.
Its managing director, Aidan Gavin, has been appointed C&W’s head of Ireland. He will also sit on the firm’s UK & Ireland executive committee.
C&W EMEA chief executive, Colin Wilson, said: “This reflects the significant increase in cross-border projects on which our teams have been collaborating. We expect further growth as the Irish economy continues to strengthen and we integrate fully as a single firm with a truly seamless operation between Ireland and the UK.”
Sherry FitzGerald Group chief executive, Steven McKenna, said: “For Sherry FitzGerald Group this sale provides us with the opportunity to back our ambitious plans to continue developing our core Sherry FitzGerald business. It makes sense for Cushman & Wakefield to solely own their Irish commercial business and equally it makes sense for us to have a simplified ownership structure and single brand.”
C&W will maintain its affiliate relationship with the wider Sherry FitzGerald Group, which has a further 97 offices across the Republic of Ireland.
As part of the transaction, C&W will also acquire a minority share in Sherry FitzGerald Group’s affiliate commercial property businesses in Cork and Belfast.
To send feedback, e-mail anna.ward@egi.co.uk or tweet @annaroxelana or @estatesgazette
