Irish property group Sherry FitzGerald agrees to sell remaining commercial property stake to Cushman & Wakefield
Irish property group Sherry FitzGerald has agreed to sell the remaining 80 per cent stake in its commercial property arm to global player Cushman & Wakefield
Irish property group Sherry FitzGerald has agreed to sell the remaining 80 per cent stake in its commercial property arm to global player Cushman & Wakefield for an undisclosed sum under a deal which is expected to complete in September.
This gives Cushman & Wakefield 100 per cent ownership of the commercial business here, having originally taken a 20 per cent shareholding in 1998.
Sherry Fitz has operated as the exclusive affiliate of Cushman & Wakefield in the Republic for a number of years, rebranding two years ago as Cushman & Wakefield Ireland.
More than 100 Sherry Fitz staff will be impacted by the transaction.
It is understood that some of the funds from the sale will be reinvested in the residential business of Sherry Fitz, Ireland’s biggest estate agent. Shareholders are also expected to benefit from the transaction.
The deal will result in the Irish business being fully integrated into Cushman & Wakefield’s global operation, which comprises about 48,000 staff across 400 offices in 70 countries.
Sherry Fitz will continue to be a strategic partner for Cushman & Wakefield post the completion of the deal.
The commercial property group’s managing director, Aidan Gavin, will become Cushman & Wakefield’s head of Ireland, and will also sit on its UK and Ireland executive committee.
As part of the transaction Cushman & Wakefield will also acquire from Sherry FitzGerald Group a minority share in its affiliate commercial property businesses in Cork and Belfast.
Gavin said the business has gone from strength to strength since adopting the Cushman & Wakefield brand.
He added that they have real momentum in the marketplace. They now have the opportunity to move to the next stage by leveraging the resources of their global network to shape the future of Irish property.
Sherry Fitz’s chief executive Steven McKenna said the deal provided the group with the opportunity to back their ambitious plans to continue developing their core business.
They will shortly be opening the 100th office in Ireland, and are equally focused on providing a smarter business for the benefit of clients through imaginative technology.
He said that it makes sense for Cushman & Wakefield to solely own their Irish commercial business and equally it makes sense for Sherry FitzGerald to have a simplified ownership structure and single brand.
Chief executive for Europe, the Middle East and Africa for Cushman & Wakefield, Colin Wilson described the deal as an exciting next step in a relationship that began 20 years ago.
He said it reflected the significant increase in cross-Border projects on which the two companies had been collaborating.
He said Cushman & Wakefield expects further growth as the Irish economy continues to strengthen and it integrate fully as a single firm with a truly seamless operation between Ireland and the UK.