It’s being widely reported that UGL has sold its property arm DTZ to the private equity group TPG in a deal reported to be worth USD 1.1bn. It’s thought that PAG along with Ontario Teachers’ Pension Plan are involved in the purchasing consortium. UGL had been intent on selling the property group in order to reduce its debt levels, while DTZ drew a variety of offers from groups interested in taking advantage of the growing level of real estate deals taking place across the globe. A new CEO, Ross Taylor, has been named to replace the current boss Richard Leupen. DTZ’s revenues grew 18 percent over the last six months of 2013. TPG was involved in last year’s purchase of the industrial real estate developer P3.
