Cushman & Wakefield Acquires Sheffield Property and Sheffield Asset Management in Australia

Rhea-AI Summary

Cushman & Wakefield (NYSE: CWK) has acquired Sheffield Property (WA) Pty Ltd. and Sheffield Asset Management Pty Ltd., enhancing its commercial real estate services in Australia and the Asia Pacific region. Based in Perth, Sheffield specializes in office leasing and property management, having successfully completed leasing campaigns for various developments. This acquisition, announced by CEO Matthew Bouw, aligns with CWK's growth strategy in Western Australia and is expected to bolster its competitive edge and service offerings in the region.

Positive

• Acquisition strengthens CWK's service offerings in Western Australia.
• Enhances CWK's competitive position in the Asia Pacific commercial real estate market.
• Sheffield's established reputation and client base provide immediate synergies.

Negative

• None.

PERTH, Australia--(BUSINESS WIRE)-- Cushman & Wakefield (NYSE: CWK), a leading global commercial real estate services firm, has acquired Sheffield Property (WA) Pty Ltd. and Sheffield Asset Management Pty Ltd. (“Sheffield”), a reputable office leasing and property management agency based in Perth, Western Australia. 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. 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,” said Matthew Bouw, Chief Executive Officer, Asia Pacific at Cushman & Wakefield.

Sheffield is well-recognized in Western Australia’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 (CRE) business, working closely with the Australian leadership team.

Since 2015, Cushman & Wakefield has grown significantly in Australia both organically and by acquiring leading 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, Australia & New Zealand, Cushman & Wakefield said, “We are delighted to have Sheffield’s high caliber leaders and dealmakers, Digby and Mark, leading our Western Australian business. A shared institutional client base, 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, Australia & New Zealand, Cushman & Wakefield said, “This acquisition further strengthens our national reach and strong linkages across Asia Pacific. 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 be joining Cushman & Wakefield, combining our deep local expertise with the strength of one of the world’s largest commercial real estate firms.”

About Cushman & Wakefield

Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 50,000 employees in over 400 offices and approximately 60 countries. In 2021, the firm had revenue of $9.4 billion across core services of property, facilities and project management, leasing, capital markets, and valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220412006150/en/

Media Contact:

Chek Yee Foo

Head of Public Relations, APAC

+65 6317 8353

chekyee.foo@cushwake.com

Media Contact:

Jessica Freeman

PR & Communications Director, Australia & New Zealand

+61 2 9474 3740

jess.freeman@cushwake.com

Source: Cushman & Wakefield

FAQ

What is the significance of CWK's acquisition of Sheffield?

The acquisition enhances CWK's service offerings and competitive edge in Western Australia, integrating Sheffield's expertise in leasing and property management.

How will the acquisition impact CWK's operations in Australia?

The acquisition will accelerate CWK's growth in the Australian market by expanding its capabilities and client service offerings.

What are Sheffield's strengths that CWK gains from the acquisition?

Sheffield is known for its strong leasing and property management expertise, having completed successful projects for major developers in Perth.

Who will lead CWK's Western Australian Commercial Real Estate business after the acquisition?

Mark Clapham and Digby Sutherland from Sheffield have been appointed to lead CWK's Western Australian Commercial Real Estate business.