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  • Seller
  • Buyer
  • Type
  • Date Announced
  • Seller AUM
  • Rockwood Realty Associates, L.L.C.
  • DTZ Holdings plc
  • Real Estate Managers
  • May 10, 2006
  • $3.5 Billion

Seller Details

Rockwood Realty Associates, L.L.C. is a full service real estate capital markets consultancy headquartered in New York with offices in Chicago, Dallas, Kansas City, Miami, Orlando, Palm Beach Gardens and Mexico City. The firm provides a broad range of research-driven real estate capital market services to institutional and private investor clients on a national and global basis through four integrated groups - investment sales, financial services, investment services and hospitality services. In addition, the firm provides the full range of its services regarding real estate assets and operating entities located in Mexico through its wholly owned subsidiary, Rockwood Asociados L.L.C.

Buyer Details

DTZ Holding plc is a leading global real estate advisory and consultancy firm. More than 9,000 staff advise and act for leading multi-national companies, major financial institutions, governments, developers and investors in 40 countries around the world. With 192 offices in 163 cities, DTZ provides integrated services in corporate consulting, agency, brokerage, valuation, corporate finance, property management and research. DTZ Holdings plc, which is the largest shareholder in the DTZ operations, is a publicly quoted company listed on the London Stock Exchange since 1987.

Transaction Summary

DTZ acquired a 50% interest in Rockwood Realty Associates L.L.C. for up to $75.0 million. The initial consideration was satisfied by the issue of approximately 743,000 shares in DTZ and a payment of $36.4 million in cash. DTZ will make a deferred payment to Rockwood's members of up to $3.5 million, to be satisfied in shares, dependent on EBITDA in the year ending February 2007. In addition, DTZ will make a further deferred payment to Rockwood's members three years from the closing of the transaction calculated as two times average EBITDA during the two year period ending February 2009. The transaction is expected to be immediately earnings enhancing for the DTZ Group. The transaction complements DTZ's existing relationship with The Staubach Company in occupier services and will significantly enhance DTZ's real estate services offering to its clients, enabling them to have better access to direct investment and capital raising opportunities in North America. Rockwood's clients will also benefit from greater access to global real estate services through DTZ's worldwide network. Following the transaction, Rockwood will be re-branded “DTZ Rockwood”.

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