Profits grow at C&W/H&B by more than 16 per cent

The turnover of Cushman & Wakefield Healey & Baker (C&W/H&B), which operates the European division of global real estate firm Cushman & Wakefield, grew by 5.4 per cent last year to reach £113 million/€170 million, with profits rising by more than 16 per cent.

Earnings were boosted in particular by a strong performance in cross-border investment, with C&W/H&B acting on transactions valued at a total of €10 billion last year, more than 50 per cent up on 2002’s figure. The Firm also valued a record amount of properties across Europe last year, worth a total €75 billion.

C&W/H&B currently employs 1,210 people in 23 offices across Europe, with its European headquarters in London. In addition, it is represented in a further 18 countries, primarily on the eastern fringes of Europe, by associate offices. The Firm offers a full range of property services, covering all commercial property sectors.

John Travers, Senior Partner, Cushman & Wakefield Healey & Baker, said: “We will be looking to double our turnover in Europe to £230 million/€345 million by 2009. We will do this by taking market share as the market becomes increasingly divided between the big, global players like ourselves and the niche operators.”

“Our growth comes in response to the demands of our clients, many of whom operate across borders and require a full range of property services. We will grow organically and as part of this organic growth we are currently studying the possibility of opening our own offices in Moscow, and a UK regional office in Manchester,” he added.

Globally, Cushman & Wakefield had total revenues of more than US$800 million last year. The Firm, with its headquarters in New York, employs 11,500 in 163 offices in 49 countries.

Arthur Mirante, Chief Executive Officer, Cushman & Wakefield, said: “On a global basis we are looking to double turnover over the next five years to US$1.5 billion. We had an outstanding performance in Europe last year, while India is the most successful part of Cushman & Wakefield’s Asian operations given that we are benefiting from the growth in outsourcing back-office functions to lower cost economies. This year alone we are looking to increase revenues by more than 12 per cent.”

Source: Cushman & Wakefield Healey & Baker

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