IFIL completes acquisition of majority stake in C&W.
IFIL replaces The Rockefeller Group as majority shareholder of Cushman & Wakefield, while Cushman & Wakefield management and employees own 28.5% of the company's equity following the sale, according to Bruce Mosler, Cushman & Wakefield's president and chief executive officer.
"IFIL and Cushman & Wakefield have a bright future together," Mosler said. "That future is based on the many geographic and service-line growth opportunities in commercial real estate today, the abundance of capital targeting the sector, and the powerful position of the Cushman & Wakefield brand in the global marketplace."
Cushman & Wakefield is the world's pre-eminent privately held property services firm. It is present in 55 countries with 201 offices and more than 12,000 employees.
Founded in 1917 in New York City, Cushman & Wakefield celebrates its 90th anniversary this year.
The firm had revenues of $1.5 billion in 2006, up from $1.2 billion in 2005. Cushman & Wakefield manages 445 million square feet of property, and has the most MAIs (Members of the Appraisal Institute) of any firm.
The firm recently arranged the $1.8 billion sale of 666 Fifth Avenue in Manhattan--the largest single-building sale in U.S. history. IFIL S.p.A. is the investment company of the Agnellis, one of Europe's leading entrepreneurial families, and is listed on the Italian stock exchange. IFIL actively manages a portfolio of assets operating across a range of sectors, including Automotive and Agricultural Equipment (Fiat Group), Financial Services (Gruppo Intesa Sanpaolo and Gruppo Banca Leonardo), Business Services (SGS), Paper (Sequana Capital) and Leisure and Entertainment (Juventus and Alpitour).
IFIL is one of the major investment companies in Europe with a portfolio currently worth about $14.4 billion. Some 30% of the company's capital is in free float with the balance held by the Agnelli family entities.
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|Comment:||IFIL completes acquisition of majority stake in C&W.|
|Publication:||Real Estate Weekly|
|Date:||Apr 11, 2007|
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