Cushman & Wakefield have acquired Knight Frank’s Sydney valuation firm
The acquisition is targeted at accelerating the expansion of Australian agency platform Cushman & Wakefield.
Knight Frank’s Sydney valuations business comprises 24 valuation professionals who will join Cushman & Wakefield’s Australian valuations platform.
They will be a part of the company’s global valuations network that has executed valuations for assets in excess of US$3.7 trillion last year.
“With the combination of our 2,000+ global valuations professionals and this acquisition, Cushman & Wakefield is well placed to provide comprehensive solutions for clients in any market across the globe,” said Matthew Bouw, Chief Executive Officer, Asia Pacific at Cushman & Wakefield.
Effective today, David Castles and Matthew Russel will lead Cushman & Wakefield’s national valuations practice across Australia.
This team which sits on all four major Australian bank panels, executed valuations for assets totaling more than US$65 billion in the last financial year.
James Patterson, Cushman & Wakefield’s Chief Executive, Australia and New Zealand said “this acquisition provides us with opportunities to accelerate the growth of the company’s broader commercial real estate business, which will in turn positively impact our clients and people.
Mr Patterson added that, "it also complements our occupier business, which is one of the strongest in the country.”
Newly appointed David Castles, Joint Head of National Valuations, Cushman & Wakefield, Australia said, “we saw an opportunity to leverage Cushman & Wakefield’s global brand, alongside a truly national platform to create additional value for our clients and career opportunities for our people.”
This acquisition, pending Foreign Investment Review Board (FIRB) approval, follows the recent acquisition of Capital Markets firm, Inc RE, in July 2018, by Cushman & Wakefield’s.
