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Cushman & Wakefield completes merger with leading Indonesian firm
27 Nov, 2008, Indonesia
Premier Indonesian firm to join global platform of the world’s largest private real estate company
Cushman & Wakefield, the world’s largest privately held real estate services firm, announced today that it has merged with its Indonesian affiliate, PT Property Advisory Indonesia (PROVIS), a leading Jakarta based real estate services group. With immediate effect the firm will begin operations as Cushman & Wakefield.
Consistent with the growth strategy for the region, Cushman & Wakefield have seized another opportunity to expand the firm’s platform in Asia Pacific. This follows the opening of the company’s Vietnam operations in January this year, with offices in both Ho Chi Minh City and Hanoi, as well as the acquisition of its long time Australian associate, Laing+Simmons Commercial Inc., in Sydney.
“Cushman & Wakefield is well positioned to weather the current economic maelstrom” said Michael Thompson, CEO of Cushman & Wakefield’s Asia Pacific operations. “Whilst many companies in our industry are scaling back, we are doing the opposite. As a private company with limited debt, we are able to move forward with our aggressive growth plans. It is strategic acquisitions of firms like PROVIS that have helped us to expand our reputation for excellence both locally and globally.” Michael Thompson continued: “We now have 33 offices in 15 countries across Asia Pacific and there will be more in the near future. We have the capability to expand into Taiwan, the Philippines and beyond - there are no limits in our capacity to serve our clients.”
“This represents a significant step for both firms and our clients,” commented Arshpreet Chaudhry, Executive Managing Director of Cushman & Wakefield in South-East Asia. “Both Cushman & Wakefield and the PROVIS team have strong cultures, which will make the transition easier because we share the same traditions of integrity and excellence and a ‘client-first’ philosophy – all of which make a powerful combination.”
Arshpreet Chaudhry continued: “With a population of 220 million and a strong emerging economy supported by large natural gas and petroleum reserves, Indonesia is increasingly a key focus market for our clients who expect the best representation everywhere they conduct business.”
The PROVIS team has worked together for over 10 years and is the most respected real estate services group in Jakarta - each of the senior management team has at least 15 years experience in this market. The office of over 80professionals will be led by David Cheadle, who has been named Managing Director, Indonesia.
“This exciting amalgamation provides PROVIS experts with a powerful global platform of tools and services to help meet the increasingly complex needs of clients,” comments David Cheadle. “Our clients will continue to work with the familiar professionals they’ve come to know and trust, only now they will benefit from the added leverage offered by a world-leading firm. For our managers, professionals and employees, this move opens up tremendous career opportunities and direct access to a premier, full-service platform across 227 offices in 58 countries.”
As Cushman & Wakefield, the firm will offer its clients an enhanced services platform that will include Research & Advisory, Investment, Tenant Representation, Design & Project Management, Property & Facilities Management, and Marketing Consultancy in Offices, Residential, Retail, and Industrial. Terms of the agreement were not disclosed.
For further information, please contact:
The Press Office, Cushman & Wakefield
Tel: + (852) 2956 7026
About Cushman & Wakefield