Cushman & Wakefield has assumed full control of its operations in South America in a bid to strengthen its presence and target the increasing corporate interest in the region
The global property services firm has bought the remaining 20% ownership interest from Sao-Paulo-based Semco Group for an undisclosed amount following a 12-year partnership with the group.
Cushman & Wakefield South America is headquartered in Sao Paulo and has regional offices in Rio de Janeiro, Manaus and Buenos Aires, and operations in Chile, Venezuela, Colombia, Peru and Ecuador. It employs more than 2,300 people in the region and manages a 70m sq ft (6.5m sq m) portfolio.
Cushman & Wakefield president and chief executive officer Bruce Mosler said: ‘This reflects on our strategy to achieve 50% of our revenues from outside the US, through selective but aggressive acquisitions where the market and cultural fit is strong.’
In the past two years, Cushman & Wakefield has bought out its Canada, Russia, and Mexico operations.