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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

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.

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.

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. The company was reportedly worth almost £500m around 2006. The company was in financial difficulty after a spending spree prior to a financial crisis, buying Rockwood in the US and retail agent Donaldsons.

In November 2014, DTZ was sold to a consortium of TPG Capital, PAG and the Ontario Teachers' Pension Plan. On 1 September 2015 Cushman & Wakefield and DTZ merged, and the DTZ brand was retired.

DTZ Investors continues as an entity of Cushman & Wakefield and operates as a full-service vertically integrated real estate manager.

References

1. "About DTZ: History". DTZ. Archived from the original on 12 November 2008 – via Internet Archive.
2. Hosking, Patrick (8 September 2005). "Investors advised against re electing DTZ chairman". The Times. ISSN 0140-0460. Retrieved 22 February 2024.
3. UGL acquires DTZ for £77.5 million UGL 5 December 2011
4. ^ Ruddick, Graham (6 December 2011). "DTZ becomes a victim of the financial crisis". The Daily Telegraph. Retrieved 11 January 2017.
5. "DTZ equity worth little or nothing, shares plunge". Reuters. 11 November 2011. Archived from the original on 13 January 2017. Retrieved 11 January 2017.
6. UGL eyes John Holland after $1.2b DTZ buy Australian Financial Review 15 June 2014
7. DTZ becomes a private independent global property services company DTZ 5 November 2014
8. Cushman & Wakefield and DTZ Announce Completion of Merger Cushman & Wakefield 2 September 2015
9. "About Us". DTZ Investors. Retrieved 22 February 2024.

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