Cushman & Wakefield made a loss of €47.3m in the first quarter of this year.

The loss, which was more than double the €24.1m loss made in the first quarter of 2008, was revealed in first quarter results from Exor, the investment arm of the Agnelli family, which owns 72% of Cushman.

It compares with net losses respectively of $61m by Jones Lang LaSalle and $36.7m by CB Richard Ellis in the first quarter.

In March Exor revealed that Cushman made a €20.2m loss in 2008.

It said it was close to finalising a transaction with Cushman to provide a $50m, three-year credit facility, which Cushman could use at any time to bolster its business.