Cushman & Wakefield (NYSE: CWK), a global commercial real estate services firm, has acquired Sheffield Property (WA) Pty Ltd. and Sheffield Asset Management Pty Ltd., a reputable office leasing and property management agency based in Perth, Western Australia.
What does the deal mean to Cushman & Wakefield?
The acquisition further strengthens Cushman & Wakefield’s well established and full service commercial real estate platform across Australia and the Asia Pacific region.
“I am delighted to welcome the Sheffield team to Cushman & Wakefield,” said Matthew Bouw, Chief Executive Officer, Asia Pacific at Cushman & Wakefield.
“This acquisition is a perfect fit for Cushman & Wakefield in Western Australia as it combines Sheffield’s strong leasing, development and asset services businesses with our best-in-class facilities management, project management, valuations and advisory services businesses.”
“The expanded platform significantly enhances our ability to offer a full complement of services that support the real estate needs of both our investor and occupier clients and also sharpens Cushman & Wakefield’s competitive edge in Western Australia.”
Any structural changes at Cushman & Wakefield?
Sheffield is well-recognized in WA’s office leasing, development, and property management services sectors. It has successfully completed project leasing campaigns for 10 new office developments built in Perth over the past nine years for many blue-chip developers.
Mark Clapham and Digby Sutherland who led Sheffield have been appointed to lead Cushman & Wakefield’s Western Australian Commercial Real Estate business, working with the Aussie leadership team. Since 2015, Cushman & Wakefield has grown in Australia both organically and by acquiring businesses that extend its capability and interstate service coverage.
The latest acquisition is Cushman & Wakefield’s fifth in seven years in Australia, after acquiring national capital markets business Inc RE, Knight Frank’s NSW valuations business, Wright Property in Queensland, and trades services business, Smith Brothers, in South Australia.
Simon Fenn, Managing Director, ANZ, Cushman & Wakefield said, “We are delighted to have Sheffield’s leaders and dealmakers, Digby and Mark, leading our Western Australian business.”
“A focus on client service and strong cultural alignment were key drivers behind this strategic acquisition, which will rapidly accelerate our growth in the Western Australian market.”
Jon McCormick, Head of IFM and Asset Services, ANZ, Cushman & Wakefield said, “This acquisition further strengthens our national reach and strong linkages across APAC. We are already supporting blue-chip Perth-based clients and are well positioned to expand further.”
Digby Sutherland, Joint Managing Director, Sheffield Property said, “We’re thrilled to join Cushman & Wakefield, combining our expertise with the strength of a global real estate firm.”