DTZ has bought the remaining 70% of DTZ Pacific Holdings (DTZ North Asia), from HK Millenium for HK$356.9m(£23.4m).
The group which previously owned 30% of DTZ North Asia, which operates in China, Hong Kong and Taiwan, will pay £5.1m in cash and the rest will be issued in shares worth £18.3m.
DTZ North Asia chairman CY Leung will become chairman of DTZ Asia Pacific and has been appointed to the DTZ board as an executive director with immediate effect. Leung has taken his share of the payment entirely in DTZ shares which increases his stake from 664,063 to 2,628,305 shares.
The deal follows DTZ’s acquisitions in South East Asia and New Zealand over the last year. It now has the majority ownership of its operatiosn in all the main Asian Pacific markets.
DTZ North Asia employs 1,900 people in offices in 13 cities, 11 of which are in mainland China, with the remaining two in Hong Kong and Taiwan. It also employs a further 2,800 property management staff and has project offices in a further 66 cities. Last year DTZ North Asia has a turnover of HK$477.3m(£31.3m) and profit before tax of HK$31.9m(£2.1m). Last year the company reported gross assets of HK$218.4m (£14.3m).
Mark Struckett, DTZ chief executive, said: ‘We are committed to continuing the development of our strong operations across Asia Pacific and the full integration of this leading Chinese business will significantly accelerate this strategy.’