Global real estate firm DTZ has acquired Queensland real estate agency Wright Property Group to further bolster its Australia and New Zealand agency platform.
DTZ Chief Executive for Australia and New Zealand James Patterson said: “This is a significant transaction for DTZ in Australia and New Zealand and great news for our clients. It builds on the momentum that has been achieved globally."“This acquisition provides an ideal strategic platform to expand our geographical reach, leveraging Wright Property’s strong local agency presence with our market leading Facility Management platform.
“Wright Property’s outstanding agency credentials complement the full service capabilities offered by our existing business, feeding into our aggressive growth strategy initially focussing on the eastern seaboard of Australia.”
A purchase price has not been disclosed but The Australian Financial Review estimated it was likely to have been more than $20 million.
Established in 2002 by Glen Wright, Wright Property has offices in Brisbane and the Gold Coast, specialising in industrial, commercial and retail agency, as well as a strong property management base, project management and research.
Wright Property employs more than 50 staff in Queensland with over $1.3 billion in transactions in 2014/15.
The company will continue to operate under the Wright Property Group brand until the DTZ and Cushman & Wakefield merger closes, which is expected before the end of the year, subject to customary closing conditions.
Wright Property’s Chief Executive Officer, Glen Wright added: “This transaction provides us with an exceptional opportunity to harness the power of DTZ’s global network and provide an amazing platform for our young aggressive talent to grow and lead.”
DTZ, now owned by private investment house TPG, has about 1550 staff in Australia and New Zealand and annual revenue of about $295 million, largely from facilities management.