DTZ buys Sydney's HPC

DTZ has bought a Sydney based industrial and commercial real estate company.

DTZ has bought 100% of Harlow Property Consultants Pty Ltd and Harlow Property Management Ltd, specialist industrial and logistics businesses, located in North Sydney.

As part of the acquisition, DTZ has also secured a property management portfolio, which will be integrated into DTZ’s existing portfolio serving to expand and further diversify this part of the business.

DTZ’s Australia and New Zealand chief executive Chris Johnson said the HPC acquisition continued DTZ’s strong growth in the Australian market.

“The HPC purchase is consistent with DTZ’s global group strategy to grow its market share in the dominant real estate sectors of key cities and follows our recent acquisitions of Grosvenor Hickey Tindale in Sydney and the McGees business in Melbourne. Another key milestone in the past year has been the establishment of our Brisbane office,” he added.

DTZ will make an initial payment of $1 million and further payments of up to $1.5 million in total over the next three years, based on the profits of the HPC businesses.

Meanwhile in the United Kingdom, DTZ is in discussions to acquire Donaldsons LLP, a privately owned, UK-based property consultancy with particular expertise in the retail and property management sectors.

DTZ said the negotiations are progressing but there can be no certainty as to whether any transaction will be completed.

Earlier this week, the global company DTZ Holdings plc reported a 40.9% increase in profit before tax of $A98.42 million (£41.8 million pound) for the year ending April 30 2007 and a 33.5% increase in worldwide turnover to $A730.6 million (£310.3 million pound).

Australian Property Journal