Cushman & Wakefield files for IPO

Global advisory firm Cushman & Wakefield has filed preliminary paperwork with the US Securities and Exchange Commission for an initial public offering expected to raise around $1 bn (€0.8 bn). 

Earlier this year, media reports said the brokerage was interviewing advisers to help it go public, which could see the firm valued at more than $5 bn, according to sources. Rival CBRE is worth around $16 bn.

The real estate services company was acquired for $2 bn by DTZ in 2015, bankrolled by private equity firm TPG, to create the third-biggest global property brokerage behind CBRE and JLL. Its other owners include PAG Asia Capital and Ontario Teachers' Pension Plan.

Cushman currently has about 400 offices in 70 countries, according to its IPO registration statement. Its revenue reached $6.92 bn in 2017, up from $6.2 bn in 2016. CBRE made $14.2 bn last year, while JLL's revenue was $7.9 bn.

Cushman & Wakefield has changed hands several times since its incorporation in 1917. Previous owners include media empire RCA Corp and the Rockefeller Group.


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