Through its acquisition of DTZ Holdings plc, UGL’s property services business will be transformed into one of the world’s largest, integrated end-to-end providers of property services, operating across all key geographic regions. UGL Limited has just announced it has acquired all of the trading operations of global real estate services company, DTZ Holdings plc (DTZ) for $119 million.
DTZ is said to be a leading global real estate services company with an iconic brand and operations across Asia, the UK, Europe, Middle East and Americas.
UGL describes the acquisition as a key step in its journey ‘as the emerging leader in global property services – integrating corporate real estate (CRE) and facilities management (FM) services across the globe.’
DTZ was placed into administration in the UK immediately prior to the acquisition by UGL under a pre-pack transaction, which was signed and completed simultaneously. All of the trading operations were transferred on a going concern basis and continue to trade normally. UGL acquired DTZ following an appropriate due diligence process.
The combination of UGL Services and DTZ will have annual revenues of $1.9 billion making UGL Services one of the largest participants in the global property services sector.
Following the acquisition of DTZ, UGL will have combined annual revenues of $5.1 billion, approaching 53,000 personnel worldwide operating in about 240 offices in 43 countries and one of the broadest vertically integrated property services offerings globally.
With its beginnings in the UK in 1784, DTZ is a leading real estate services company operating in 145 cities across 43 countries. DTZ’s business consists of six service lines: occupational and development markets; professional services; valuation; investment agency; investment and asset management; and consulting and research. DTZ holds a market leading position in property services in Asia and maintains a top five position in the UK.
UGL’s CEO, Richard Leupen said: “Combining UGL and DTZ will create one of the world’s largest property services businesses by revenue and capability allowing us to broaden our existing property services offering across a global footprint.
“DTZ’s broad geographic reach will transform our ability to deliver an integrated full service offering to clients by enhancing our presence and capability in key growth markets such as Asia. 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 global trend to outsourcing is continuing and our clients are increasingly demanding an integrated end-to-end service offering which can be delivered by a single solutions provider across their entire global property portfolio. With a comprehensive property services offering and a total global workforce of nearly 40,000 personnel, this transaction will allow UGL to capitalise on this growth opportunity,” Leupen added.