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Cushman & Wakefield raise their turnover by 23%
30 Jan, 2007, Frankfurt
Almost 30% more turnover in EMEA (Europe, Middle East, Africa) – Profits 52% higher in EMEA – Expansion drive continues
Worldwide the international real estate consultancy firm of Cushman & Wakefield (C&W) raised its turnover by 23 % last year, to 1.5 billion US dollars (2005: 2.1 %). In Europe, the Middle East and Africa (EMEA) turnover rose by 29.4 % to 313.8 million euros (2005: 242.4 million euros), while profits rose by 52 %.
In Great Britain, where the EMEA head office of the firm is located, the real estate consultancy turnover grew by 22.7% and reached 133.5 million euros (2005: 108.8 million euros). This is largely attributable to intense transaction activity on the investment market.
All 23 C&W European offices returned a profit last year. The offices in Germany and Poland were particularly outstanding, raising their turnover by 60 %, and the Russian branches which achieved 70 % more turnover than in the previous year.
The consultancy disciplines of the European C&W Capital Markets Group were particularly successful, handling real estate transactions worth 17 billion euros in 2006 – and thus achieving 40 % more turnover than in the previous year.
The 174-strong office letting team in the EMEA advised on letting transactions for over 1 million square metres in 2006. The 400 members of the retail team advised on over 13 million square metres of retail space in 300 European shopping centres alone.
Worldwide C&W employs over 11,500 people in 197 offices in 55 countries. In Europe, the Middle East and Africa the number of employees rose by 200 in the last twelve months and is now 1,700 in 59 offices.
The firm plans to continue its robust growth in the next few years. Paul Bacon, Chief Executive Officer (CEO) of C&W EMEA explains: "In the next five years we want to double our turnover and profits in Europe. We shall do this both through sound organic growth and through acquisitions. Even now we are so well placed that we are able to offer our clients, who are increasingly operating across national frontiers, the full range of professional real estate consultancy services."
Worldwide C&W is the third largest international real estate consultancy.
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