UGL sees opportunity for growth in Asia following its acquisition of DTZ as it seeks to become a dominant player in property services across the globe.
UGL’s managing director and CEO Richard Leupen said: “Combining UGL and DTZ will create one of the world’s largest property services businesses by revenue. We see significant opportunities for growth in Asia, particularly in China, where “DTZ holds the leading market position in property services, with 1,300 personnel in 18 cities.”
The combined UGL Services and DTZ will have annual revenues of A$1.9bn, making UGL Services one of the largest participants in the global property services sector.
The combined company will have combined annual revenues of A$5.1bn and nearly 53,000 personnel worldwide operating in around 240 offices in 43 countries.
Leupen said the purchase of DTZ, which will delist from the London Stock Exchange this morning, was crucial to its global ambitions.
“DTZ is a highly regarded business with a well-recognised and respected brand, having advised clients for over 225 years,” he said. “We will continue to build on DTZ’s reputation for service excellence and grow our combined business by leveraging the quality and experience of our talent pool and expanded capabilities. The acquisition of DTZ is another key step in UGL’s journey to be the emerging leader in global property services.”
DTZ chief executive John Forrester said: “We are delighted to be a part of the UGL family and recognise the enormous benefits this transaction will offer our clients and employees. DTZ and UGL are an exceptional fit. We operate across a complementary geographic footprint, the services we offer clients will allow us to become the only truly vertically integrated provider of corporate solutions and we share the same cultural ethos in terms of focus on clients and results.”
damian.wild@estatesgazette.com
