Sir, In your interview with John Forrester (Property Week interview, 19.08.11), he suggested Cushman & Wakefield’s debt position deserved more column inches, and I agree with him
Cushman is executing its long-term strategic growth plan, which is aimed at growing certain high-quality services in specific markets around the globe. To support this growth, we have refinanced and extended the term of our existing credit facility of $350m up until June 2016 and added a long-term facility, providing additional borrowing capacity from our banks of $150m.
This extended term and increased capacity of $500m gives us a significant degree of flexibility to drive our global growth initiatives, one of which is to increase our annual turnover which was $1.8bn in 2010.
In these challenging times in which we operate, we are pleased that banks such as Bank of America, JP Morgan, Barclays, Goldman Sachs and Morgan Stanley, in our amended and restated credit agreement, recognised the strength and financial stability of our business and shared our confidence in the long-term growth prospects for Cushman.
Bryan Laxton, CEO, Cushman & Wakefield UK