DTZ
FormerlyDebesnham, Tewson & Chinnocks
IndustryCommercial property
Founded1853
Defunct2015
HeadquartersLondon, England
Area served
Worldwide
Key people
Tod Lickerman (Chief Executive Officer)
Number of employees
47,000 (2014)
Websitewww.dtzglobal.com

DTZ was a commercial property company. Tracing its origins back to 1853, it merged with Cushman & Wakefield in 2015 with the brand retired.

History

In 1853 Debenham & Tewson was established in London. In 1913 it merged with Chinnock, Clarke & Chinnock to form Debenham, Tewson & Chinnocks. In 1987 Debenham, Tewson & Chinnocks was listed on the London Stock Exchange. In 1993 a joint venture was formed with Jean Thouard of France, and the Zadelhoff Group of Germany and the Netherlands, forming DTZ.[1]

In December 2011, parent company DTZ Holdings was placed into administration and its business entities were sold to UGL in order to repay £77.5m of an outstanding £106m debt owed to Royal Bank of Scotland and its shareholders equity was wiped out after a deal with its majority shareholder Saint George Participations and BNP Paribas Real Estate fell through.[2][3][4] the company was reportedly worth almost £500m around 2006.[3] The company was in financial difficulty after a spending spree prior to financial crisis buying Rockwood in the US and retail agent Donaldsons.[3]

In November 2014 DTZ was sold to a consortium of TPG Capital, PAG and the Ontario Teachers' Pension Plan.[5][6] On 1 September 2015 Cushman & Wakefield and DTZ merged with the DTZ brand retired.[7]

DTZ Investors continues as an entity of Cushman & Wakefield and operates as a full service vertically integrated real estate manager managing more than $17.8 billion of property.[8]

References

  1. ↑ History DTZ
  2. ↑ UGL acquires DTZ for £77.5 million UGL 5 December 2011
  3. 1 2 3 Ruddick, Graham (6 December 2011). "DTZ becomes a victim of the financial crisis". The Daily Telegraph. Retrieved 11 January 2017.
  4. ↑ "DTZ equity worth little or nothing, shares plunge". Reuters. 11 November 2011. Retrieved 11 January 2017.
  5. ↑ UGL eyes John Holland after $1.2b DTZ buy Australian Financial Review 15 June 2014
  6. ↑ DTZ becomes a private independent global property services company DTZ 5 November 2014
  7. ↑ Cushman & Wakefield and DTZ Announce Completion of Merger Cushman & Wakefield 2 September 2015
  8. ↑ About us DTZ Investors
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