For Release
6th September 2005
DTZ acquires Grosvenor Hickey Tindale
Leading international property firm DTZ has elevated its position in the Sydney marketplace via the acquisition of
Grosvenor Hickey Tindale (GHT) considered to be one of the city's highest profile and leading commercial leasing
agencies. The acquisition of GHT is consistent with DTZ Group's strategy to grow its share in the Central Business
District's of key cities.
The Company was formed in September 2001 by Julian Grosvenor, John Hickey and Mark Tindale. Since inception, the agency
has leased substantial amounts of space in the Sydney CBD and fringe, via the conduction of successful major leasing
campaigns on behalf of property clients including Investa, Colonial First State, DB RREEF, AMP, GPT Group, ISPT and a
number of key private clients.
GHT was recently awarded 'Commercial Agency of the Year' by DB RREEF.
Chris Johnson, Managing Director of DTZ NSW said, 'the marriage of DTZ with GHT is seen as a crucial building block in
our ambitions to create a long term sustainable market leading position in Sydney. GHT has an outstanding reputation and
is the perfect, hand in glove complement for our existing platform which together will elevate DTZ into a stronger
market position in one of the world's major business centres'.
The consideration for the acquisition, which will be met out of existing resources, comprises the following elements:
(a) An initial payment of $4.5 million, adjusted following completion of the acquisition to reflect the net assets of
GHT at completion; and
(b) Further payments of up to $2.0 million per annum, for the next three years, based on the profits of the business of
GHT following completion.
The Directors of GHT said that from a commercial leasing perspective their commitment and services would remain
unchanged however the team was now in a position to offer the expertise and reach of a global property group. To service
the needs of the expanding client base they needed to align themselves to a major global group with core values in
harmony with that of their own. DTZ was a very clear partner of choice and GHT directors were thrilled to be on board.
ENDS