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Irish real estate group Sherry FitzGerald has agreed to sell the remaining 80% stake in its business to global player Cushman & Wakefield for an undisclosed amount.
This gives Cushman & Wakefield 100% of commercial property Two years ago, it acquired a 20 percent stake and was renamed Cushman & Wakefield Ireland.
Sherry Fitz is the exclusive subsidiary of Cushman & Wakefield in the Republic for several years. The operation is expected to end in September
Transaction
More than 100 employees of Sherry Fitz will be affected by the transaction, and they were informed of the transaction at lunchtime on Monday.
It is understood that some of the proceeds from the sale will be reinvested in the residential business of Sherry Fitz, the largest real estate agent in Ireland. Shareholders should also benefit from the transaction.
Through this agreement, the Irish company will be fully integrated into the global business of Cushman & Wakefield, which has approximately 48,000 employees in 400 offices in 70 countries.
Sherry Fitz will continue to be a strategic partner for Cushman & Wakefield after the conclusion of the agreement.
Aidan Gavin, General Manager of the Commercial Property Group, will become the Irish Chief of Cushman & Wakefield and will also sit on the British and Irish Executive Committee.
As part of this transaction, Cushman & Wakefield will also acquire, from Sherry FitzGerald Group, a minority interest in its affiliated real estate activities in Cork and Belfast.
million. Gavin said his business was going from "Since the adoption of the brand Cushman & Wakefield."
Momentum
"We have a real momentum in the market, and now we have the opportunity to take the next step by leveraging the resources of our global network to shape the future. of Irish Property. "
Steven McKenna, Chief Executive Officer of Sherry Fitz, stated:"
"We will soon open our 100th office in Ireland and we are also striving to provide a smarter business for the benefit of our customers through imaginative technology, "he said.
" It makes sense for Cushman & Wakefield to own only their business venture in Ireland and it is just as logical for us to have a structure Simplified ownership and a unique brand. "
Colin Wilson, CEO for Europe, Middle East and Africa for Cushman & Wakefield, described the deal as an" exciting next step " In a relationship that ac Begun 20 years ago.
He said this reflected "the significant increase" of "
" We plan to continue growing as the Irish economy continues to strengthen and we we fully integrate as a single company with a truly seamless operation between Ireland and the United Kingdom. "
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