–Acquisition strengthens Cushman & Wakefield’s Project & Development Services (PDS) capabilities in Germany
-Enables firm to provide its PDS clients with fully integrated in-house solutions
Global real estate services firm Cushman & Wakefield (NYSE: CWK) has continued its expansion in Germany with the acquisition of independent Berlin consultancy acht+.
The strategic acquisition complements and strengthens Cushman & Wakefield’s business in Germany. Founded in 2010, acht+ specializes in project management, technical due diligence, project general planning and cost management. The addition of these investor-focused services means Cushman & Wakefield can provide clients in Germany with a fully in-house solution for complex building projects.
acht+ will be integrated into the firm’s Project & Development Services (PDS) business which provides services including design + build, building consultancy, building engineering and cost consultancy. With more than 50 employees, it will double the size of Cushman & Wakefield’s German PDS business.
The client and geographical profiles of the two businesses complement each other. Cushman & Wakefield’s existing German PDS team, headed by Frank D. Masuhr, works primarily with corporate occupiers in the Berlin, Hamburg, Düsseldorf, Frankfurt am Main and Munich markets. In contrast, acht+’s nationwide client portfolio comprises landlords and institutional investors.
READ ALSO : Logicor appoints C&W to manage CEE logistics property portfolio
Yvo Postleb, Head of Germany at Cushman & Wakefield, said: “The acquisition of acht+ is another important milestone for our expansion plans in Germany and is consistent with our strategy to support clients through the entire life cycle of a property. Combining with acht+ significantly enhances our Project & Development Services team and allows us to offer a comprehensive range of services to both occupier and investor clients.”
Frank D. Masuhr, Cushman & Wakefield’s Head of Project & Development Services for the DACH (Germany, Austria and Switzerland) region, said: “acht+’s established investor relationships and networks means we can service new sectors as we develop Project & Development Services into one of the main sales drivers for Cushman & Wakefield in Germany.”
The experienced founders and managing partners of acht+, Axel Funke and Oliver Mai, remain on board.
Axel Funke said: “We are delighted to join forces with Cushman & Wakefield which gives us a strong partner and access to new clients and projects through its global platform. Cushman & Wakefield’s local office network and wide range of complementary services also allows us to better service our existing clients in Berlin, Hamburg, Düsseldorf, Frankfurt am Main and Munich. As such, this mutually-beneficial opportunity continues the success of our journey so far.”
View source version on : https://www.businesswire.com/news/home/20200113005891/en