The turnover of Cushman & Wakefield Healey & Baker (C&W/H&B), which operates the EMEA division of Cushman & Wakefield rose by 28% in 2005 to £164 million (2004: £128 million) with profits rising by 61%.
In the UK turnover in 2005 increased 21% to 73.5 million with profits increasing by 53%.
Cushman & Wakefields EMEA operations accounted for 23% of the firms global revenues which increased by 21% to $1.2 billion in 2005. (2004: $1 billion)
All 23 of C&W/H&Bs offices throughout Europe, which are a single partnership, were profitable in 2005. The firms operations in Germany performed particularly strongly benefiting from its extremely successful Advisory team.
Continued European expansion:
The firm continued it expansion strategy across Europe during the year with key developments including:
- establishing a new Manchester office in UK
- launching into Russia with the acquisition of its associate office now known as Cushman & Wakefield Stiles & Riabokobylko. C&W/S&R is the largest full service real estate advisor in Russia with more than 180 employees
- opening new Associate Offices in Denmark, Finland and Bulgaria
C&W/H&B continued to grow its activities and market share across all sectors throughout Europe and took advantage of the strong investment market.
The firms 200-strong European Capital Markets Group transacted more than 14.5 billion of worth of transactions in 2005. Highlights include:
- advising Insight on one of Europes most complex cross-border deals in the acquisition of the 160 million Eurinpro logistics portfolio comprising 11 properties across 7 countries.
- advising Metro Group Asset Management on the sale of the Praktiker retail portfolio comprising 53 stores across Germany, Hungary and Greece for 480 million.
- advised on the acquistion of a portfolio worth 493 million in Paris region, on behalf of INVESCO Real Estate (acting for TIAA CREF.)
- advising Boots plc on the 298 million structured property disposal to REIT Asset Management.
In UK, the firms Capital Markets team and Advisory teams recently merged to generate further synergies and enhanced services to investors and occupiers operating anywhere on the capital markets spectrum.
In 2005, the firm also expanded its indirect investment team and advised on a total of 600 million of transactions across Europe.
The firms Client Solutions team which provides strategic real estate advice to more than 80 retained corporate occupier clients across Europe, doubled its turnover in 2005 and won new contracts from Lucent, Cadbury Schweppes and Deutsche Bank.
The firms 400-strong European retail team maintained and expanded its market leading position and in 2005, was actively involved in 300 shopping centres throughout Europe.
Other highlights included securing US food giant, Whole Foods Market's first European outlet at ex-Barkers department store on Kensington High Street, London and advising on its expansion in Europe.
The firm increased the number of people it employs in EMEA by 179 in 2005 taking the total to 1,530 in 23 offices
During the year, Paul Bacon was appointed to Deputy Senior Partner of the firm in EMEA succeeding Andrew Gulliford who retired after 33 years. Paul joined the firm in 1984 and is a member of the international Board, head of the firms Capital Markets team and Chairman of its Italian operations
Attracting and retaining the best people available continues to be a priority for the firm. In 2005, key recruitment successes included; a new Central London Development team led by William Jackson and Zoe Bignell; Olivier Gerard to head up Capital Markets in Paris; Mike Sudlow to head up a new public sector team in UK and Konstantin Sakharov as new executive director of retail services in Moscow.
It was confirmed that on March 13th 2006 the firm will align its branding across EMEA wit