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C&W acquires RH International's 50% stakes in C&W Residential and C&W Hotels joint ventures
20 Aug, 2007, EMEA
Cushman & Wakefield has acquired RH International’s 50% stake in the successful joint venture companies they formed together in January 2006, Cushman & Wakefield Residential and Cushman & Wakefield Hotels. These residential and hotels businesses have grown significantly over the past 18 months and this acquisition is aligned with C&W’s aim to build a dominant presence in these sectors across EMEA.
The C&W Residential and C&W Hotel teams, which together total 48 people across EMEA, will now become fully-owned and fully integrated operating divisions of Cushman & Wakefield. All staff working in the hotels and residential teams will become employees of Cushman & Wakefield and Andrew Williams, former head of RH International, will become an Equity Partner and head of Residential and Hotels for Cushman & Wakefield in EMEA.
Cushman &Wakefield Residential has 30 dedicated residential professionals handling consultancy and transactional assignments specialising in large-scale mixed-use schemes across EMEA and as far as New Zealand, Brazil and Macau. The team is currently involved in some €3 billion residential property transactions and work with pension fund, developers, entrepreneurs, high net worth individuals and financial institutions worldwide. Recent landmark transactions include funding deals Project Modernist in Turkey, worth US$275 million Otrada, Russia worth US$200 million. www.cushmanwakefieldresidential.com
Cushman & Wakefield Hotels has dedicated team of 18 operating out of London, Madrid, Lisbon and Prague and between them have experience of transactions and projects in 53 countries. This year the team recruited two major hotel teams. KPMG’s hospitality and leisure team moved to C&W in London and CBRE’s Central and Eastern Europe Hotels team moved to C&W in Prague. Recent landmark instructions include operator selection mandates on the island of Sao Vicente, Cape Verde; valuation advice to Lydian Capital Partners for their circa 1 billion Euro Jurys Inn portfolio bid in June; and as retained agent and advisor within the M25 to Whitbread’s Premier Inn hotel chain. www.cushmanwakefieldhotels.com
Paul Bacon, CEO of Cushman & Wakefield EMEA said; “Both the residential and hotel sectors are strategically important areas for the firm and we intend to become a leading player in these markets in the next 5 years. This acquisition reflects our commitment to further develop these businesses and to invest in the necessary people and resources required to ensure we provide the best services available in these sectors.”
Ends
For further information, please contact:
Chris Bond, UK Media Relations Manager
Cushman & Wakefield
Tel: + 44 20 7152 5006 / 07793 808 006
Notes to Editors:
Cushman & Wakefield Hotels team consists of 20 staff based in London, Lisbon and Prague. They are currently instructed on over 28 major instructions through EMEA worth in the region of £180 million. Projects include Maluane, Mozambique; Sao Vicente, Cape Verde; CostaTerra, Portugal; Heathrow, UK and Sofia Airport Centre, Bulgaria. C&W Hotels provides development consultancy advice, valuations, operator selection and contract negotiation services and agency for the hotel sector. To find out more about Cushman & Wakefield Hotels, see www.cushmanwakefieldhotels.com
Cushman & Wakefield Residential is part of Cushman & Wakefield, the world’s largest privately held real estate services firm. Founded in 1917, the firm has 201 offices in 55 countries around the globe, and more than 12,000 talented professionals. Cushman & Wakefield delivers integrated solutions by actively advising, implementing and managing on behalf of landlords, tenants, and investors through every stage of the real estate process. These solutions include helping clients to buy, sell, finance, lease, and manage assets. C&W also provides valuation advice, strategic planning and research, portfolio analysis, and site selection and space location assistance, among many other advisory services. To find out more about Cushman & Wakefield, please visit the firm’s web site at www.cushmanwakefield.com.
Cushman & Wakefield is the world’s largest privately held real estate services firm. Founded in 1917, the firm has 201 offices in 55 countries around the globe, and more than 12,000 talented professionals. Cushman & Wakefield delivers integrated solutions by actively advising, implementing and managing on behalf of landlords, tenants, and investors through every stage of the real estate process. These solutions include helping clients to buy, sell, finance, lease, and manage assets. C&W also provides valuation advice, strategic planning and research, portfolio analysis, and site selection and space location assistance, among many other advisory services. To find out more about Cushman & Wakefield, please visit the firm’s web site at www.cushmanwakefield.com.
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