More than 90% of Cushman & Wakefield UK equity partners have now signed agreements to bring their pay into line with DTZ colleagues, closing a chapter on the companies’ high-profile merger.
A quartet of equity partners from the legacy Cushman & Wakefield retail team did not sign the agreements, three of whom have now left. They include Charlie Barke, Andrew Collier and Mark Burlton. Burlton this week joined CBRE.
John Strachan, head of global retail at Cushman & Wakefield, retired at the end of 2015 in line with plans put in place prior to the merger. He will remain a consultant to the firm as well as a non-executive director at Intu Properties.
The pay deals have allowed a new management line-up for the UK and European retail team to be confirmed (see box).
The combined company, which is owned by a TPG-led consortium, has also moved to end uncertainty over the future of its Dutch business, confirming this week it has ceased talks to buy DTZ Zadelhoff.
Legacy valuation claims facing DTZ Zadelhoff were cited by Cushman & Wakefield in its ann-ouncement that talks had ceased.
A redundancy consultation involving up to 60 UK staff of all levels of seniority and all departments is ongoing with around 10% of those affected expected to be offered new roles within the merged firm.
C&W’s head of UK & Ireland Colin Wilson said: “Our combined firm now boasts more leading practitioners in their respective fields, providing increased depth and breadth of talent.”
C&W retail heads
Head of UK and EMEA retail: Justin Taylor
Head of UK retail investment: Patrick Knapman
Head of shopping centres: Barry O’Donnell
Head of shopping centre leasing: Toby Sykes
Head of outlets/national projects and retail operations: Martin Acton
C&W alumni establish new consultancy
A quartet of senior agents including a pair of Cushman & Wakefield salaried partners have set up a new investment and development consultancy.
Former head of alternative investment Mike Burden and head of industrial investment Richard Peace have founded Kimmeridge Real Estate, which will trade as Kimmre. They will be joined by Matthew McGrail, CBRE’s head of industrial investment, presently on gardening leave, and Peter Winfield, who is dissolving his niche consultancy TRW Real Estate. Winfield founded TRW in 2011 after leaving Cushman.
Kimmeridge Real Estate will advise on site acquisition, development funding, asset management, purchases and sales.
