DTZ
| Formerly | Debenham, Tewson & Chinnocks |
|---|---|
| Industry | Commercial property |
| Founded | 1853 |
| Defunct | 2015 |
| Headquarters | London, England |
Area served | Worldwide |
Key people | Tod Lickerman (Chief Executive Officer) |
Number of employees | 47,000 (2014) |
| Website | www.dtzglobal.com |
DTZ was a London-based commercial property company. Tracing its origins back to 1853, it merged with Cushman & Wakefield in 2015 and its brand was retired.
History
[edit | edit source]Debenham & Tewson was established in London in 1853. In 1913 it merged with Chinnock, Clarke & Chinnock to form Debenham, Tewson & Chinnocks. In 1987, Debenham, Tewson & Chinnocks was listed on the London Stock Exchange. In 1993, a joint venture was formed with Jean Thouard of France, and the Zadelhoff Group of Germany and the Netherlands, forming DTZ.[1]
Timothy Melville-Ross (previously chair of Nationwide Building Society and director-general of the Institute of Directors) was chairman of the board for a period around 2005.[2]
In December 2011, parent company DTZ Holdings was placed into administration and its business entities were sold to UGL in order to repay £77.5m of an outstanding £106m debt owed to Royal Bank of Scotland. The shareholders' equity was wiped out after a deal with majority shareholder Saint George Participations and BNP Paribas Real Estate fell through.[3][4][5] The company was reportedly worth almost £500m around 2006.[4] The company was in financial difficulty after a spending spree prior to a financial crisis, buying Rockwood in the US and retail agent Donaldsons.[4]
In November 2014, DTZ was sold to a consortium of TPG Capital, PAG and the Ontario Teachers' Pension Plan.[6][7] On 1 September 2015 Cushman & Wakefield and DTZ merged, and the DTZ brand was retired.[8]
DTZ Investors continues as an entity of Cushman & Wakefield and operates as a full-service vertically integrated real estate manager.[9]
References
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- ^ Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
- ^ UGL acquires DTZ for £77.5 million UGL 5 December 2011
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- ^ UGL eyes John Holland after $1.2b DTZ buy Australian Financial Review 15 June 2014
- ^ DTZ becomes a private independent global property services company DTZ 5 November 2014
- ^ Cushman & Wakefield and DTZ Announce Completion of Merger Cushman & Wakefield 2 September 2015
- ^ Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
- Commercial real estate companies
- Companies based in London
- Companies formerly listed on the London Stock Exchange
- Ontario Teachers' Pension Plan
- Property companies based in London
- Property management companies
- Property services companies of the United Kingdom
- Real estate companies established in 1853
- Real estate services companies of the United States
- 1853 establishments in England
- 2015 disestablishments in England