Property developer China Vanke has agreed to buy a 4.9% stake in Cushman & Wakefield ahead of the firm’s planned initial public offering.
Vanke Services, a subsidiary of China Vanke, plans to acquire around 10.2m shares in the agency, according to a regulatory statement filed with the US Securities and Exchange Commission.
A Cushman & Wakefield spokesperson said: “We have agreed to sell shares in Cushman & Wakefield at the IPO price to Vanke Services. They are expected to own 4.9% of the company after the IPO, representing an approximately $175M (£133m) investment.”
In its statement to the SEC, Cushman said that the company, together with Vanke “plan to discuss possible opportunities related to our respective businesses in the Greater China Region”.
Cushman plans to raise as much as $810m ($616.6m) from its IPO, which involves the sale of 45m shares valued at $16 to $18 per share.
The company’s lead underwriters in its plan to list on the New York Stock Exchange are Morgan Stanley, JP Morgan, Goldman Sachs and UBS.
Rumours of an IPO of the agent have circulated for many years, but became a real prospect in 2015 following TPG’s acquisition of the business from Italy’s Exor and its subsequent merger with DTZ.
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