IFIL Completes Acquisition of Majority Stake in Cushman & Wakefield
2 Apr, 2007, New York, NY
Leading commercial real estate firm plans to accelerate global growth strategy
IFIL Group ("IFIL"), the investment group of the Agnelli family, has completed its acquisition of a 71.5 percent stake in global real estate services giant Cushman & Wakefield for a total cash consideration of $625 million.
IFIL replaces The Rockefeller Group as majority shareholder of Cushman & Wakefield, while Cushman & Wakefield management and employees own 28.5 percent of the company's equity following the sale, according to Bruce Mosler, Cushman & Wakefield's president and chief executive officer.
"IFIL and Cushman & Wakefield have a bright future together," Mr. Mosler said. "That future is based on the many geographic and service-line growth opportunities in commercial real estate today, the abundance of capital targeting the sector, and the powerful position of the Cushman & Wakefield brand in the global marketplace."
Cushman & Wakefield is the world's pre-eminent privately held property services firm. It is present in 55 countries with 201 offices and more than 12,000 employees. Founded in 1917 in New York City, Cushman & Wakefield celebrates its 90th anniversary this year. The firm had revenues of $1.5 billion in 2006, up from $1.2 billion in 2005. Cushman & Wakefield manages 445 million square feet of property, and has the most MAIs (Members of the Appraisal Institute) of any firm. A leader in the Capital Markets arena, Cushman & Wakefield recently arranged the $1.8 billion sale of 666 Fifth Avenue in Manhattan - the largest single-building sale in U.S. history.
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