DTZ Holdings plc announces it has agreed to invest $NZ375,000 (Â£114,000) in a new company, DTZ New Zealand Ltd, to encompass the merger of the current DTZ Darroch and Knight Frank (NZ) Limited which has been purchased from CDL Investments Ltd of Singapore to form a full service property advisory company.
The resultant equity share to DTZ is 25% with the remaining equity held by executives of the new business.
The consideration of $NZ375,000 is to be satisfied in cash on completion of the merger of the businesses on 28th March 2002.
DTZ Darroch is a leading real estate and plant and equipment valuation practice in four locations across New Zealand. Its 17 partner/shareholders will form the nucleus of DTZ New Zealandâ€™s executive shareholder group and will be joined by former Knight Frank executives to make up the 75% holding.
Mark Struckett, Chief Executive, DTZ Holdings plc, said; â€œOur objective in joining with Darroch Limited last year was to establish a total property services company and this transaction fulfils that strategy. The new operation provides the infrastructure to service the needs of our international client base. The development of our interests in Asia Pacific is an essential part of our global strategyâ€.
(source: DTZ Holdings)