By David Parsley2018-03-27T21:26:00
Cushman & Wakefield has kicked off a bid to float on the New York Stock Exchange in a move that could see the firm become one of the world’s largest listed property agencies.
A senior source at Cushman told Property Week the group was in the early stages of a potential float and interviewing potential advisers in New York.
The agency, which celebrated its 100th birthday in October, is backed by private equity giant TPG, which bankrolled DTZ in its £1.3bn buyout of Cushman in 2015.
One New York-based real estate analyst suggested a Cushman IPO could value the group at around $7bn (£4.9bn), which may see it challenge JLL for the global number two spot in terms of market capitalisation, depending on how any IPO is received by investors. CBRE is currently valued at just over $16bn, while JLL is valued at just under $7.9bn.
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