Thu, 10/04/2014 - 06:04
Cushman & Wakefield has reported an increase in gross revenue of 21.9 per cent to a record USD2,498.6m for the year ended 31 December 2013, compared with USD2,050.1m a year ago.
Adjusted income attributable to owners of the parent increased 60.4 per cent to USD46.2m, compared with the prior year of USD28.8m.
Cushman & Wakefield is majority-owned by EXOR, the investment company controlled by the Agnelli family.
Edward C Forst, Cushman & Wakefield’s president and chief executive officer, says: “As the pace of the global economic recovery accelerated in the second half of 2013, strong investor demand followed during the period. Robust capital flows across investor classes and improving fundamentals resulted in strong real estate returns and increased allocations to the sector. While we remain cautiously optimistic, we expect investor participation to grow meaningfully in the coming years, driven in part by the rapid growth of sovereign wealth fund assets and investment activity.
“In 2013, C&W capitalised on the market’s strength to post the highest gross revenue in the firm’s history, supported by continued investment in strategic service lines across key gateway markets. This record performance was driven by a significant year-over-year revenue increase in CIS, with the addition of a number of world-class organisations to our growing roster of clients, as well as strong performance in our Capital Markets and V&A businesses. As owners and investors look to build asset value and occupiers seek to maximise the productivity and efficiency of their space, we remain committed to enhancing our clients’ success.”
Property under management by CIS globally as of year-end 2013 exceeded one billion square feet for the first time, increasing 17.1 per cent to a record 1,055 million square feet compared with 901 million square feet a year earlier.
CIS also had a number of notable wins during 2013 from Citigroup, DLF, British Airways and The Port Authority of New York & New Jersey. CIS was awarded facilities management for Citigroup’s 27 million square foot real estate portfolio in the US and Canada as well as property management of a 17 million square foot portfolio for DLF, the largest developer in India. In addition, CIS was appointed by British Airways as its preferred real estate services provider in the UK (Airport sites), EMEA and the US as well as by The Port Authority of New York & New Jersey as property manager of the common areas and key operational facilities for the new World Trade Center campus in Lower Manhattan.
Capital markets executed record investment sales transaction volumes in 2013, which increased 15 per cent globally. Numerous high profile assignments included advising Mitsubishi Estate Company on the sale of King Edward Court, the headquarters building of the London Stock Exchange, to Oxford Properties for GBP235m as well as Aberdeen Asset Management Deutschland AG on the sale of "The Park", a complex of 12 office buildings in Prague, to an affiliate of Starwood Capital Group, the largest investment deal in the Czech Republic ever.
Performance in V&A’s business was driven by a record global value of appraisals completed, which exceeded USD1trn for the second consecutive year. Momentum was highlighted by a national scope assignment of over 700 department stores, distribution centres and a corporate headquarters campus for a major US retailer. V&A was also appointed to value the retail element of Canary Wharf in the UK, consisting of over 200 retail units and 68,300 square meters, on behalf of Canary Wharf Group PLC as well as to appraise the 1,501 room Mandarin Orchard and the 125,293 square foot Mandarin Gallery for OUE Hospitality Trust prior to one of Singapore’s largest hotel and retail asset initial public offerings in recent years.
Cushman & Wakefield’s leasing business achieved record transaction volumes in 2013, which increased seven per cent globally. Notable appointments include being named as exclusive leasing agent in Manhattan for 75 Rockefeller Plaza and 1221 Avenue of the Americas as well as joint marketing agent in Singapore to lease both Marina One and DUO. The company also won high profile assignments in London with the leasing mandate on the Scalpel, WR Berkley’s 400,000 square foot iconic development, and as retail and leisure consultant on the one million square foot Battersea Power Station development. In addition, Cushman & Wakefield was chosen by Syniverse Technologies for a strategic tenant advisory assignment for a 200,000 square foot Class A global headquarters.
Wed 23/12/2015 - 08:00
Fri 18/07/2014 - 14:03
Thu 17/07/2014 - 12:06
Tue 15/07/2014 - 11:51
Wed 23/12/2015 - 08:00
Wed, 04/May/2016 - 15:23
Wed, 04/May/2016 - 15:22
Wed, 04/May/2016 - 15:21
Wed, 04/May/2016 - 15:05
Wed, 04/May/2016 - 09:49
Wed, 04/May/2016 - 09:48