Cushman & Wakefield has bought out its joint venture partner RH International’s 50% stake in its residential and hotel businesses.
The global property services firm bought the stake in Cushman & Wakefield Residential and Cushman & Wakefield Hotels for an undisclosed amount.
C&W and RH International set up the residential and hotels businesses 18 months ago and employ 48 staff members. C&W said the acquisition was part of its plans to build a dominant presence in these sectors in the EMEA region.
Andrew Williams, former head of RH International, will become an equity partner and head of residential and hotels for Cushman & Wakefield in EMEA.
C&W Residential specialised in large mixed-use schemes across EMEA and is involved in more than €3bn (£2bn) of residential transactions. Recent deals include the $275m (£138m) forward funding of Project Modernist in Turkey.
C&W Hotels has offices in Madrid, Lisbon and Prague and in June it provided valuation advice to Lydian Capital Partners for its €1bn (£680m) Jurys Inn portfolio bid in June.
Paul Bacon, CEO of Cushman & Wakefield EMEA said: ‘Both the residential and hotel sectors are strategically important areas for the firm and we intend to become a leading player in these markets in the next 5 years.’