The Sydney-based UGL completed the sale of its DTZ property services arm. The Ontario Teachers’ Pension Plan and PAG Asia Capital Ltd. reportedly agreed to pay $1.2bn for the company. “This puts cash back onto UGL’s balance sheet and allows them to refocus on the engineering business, which has really been struggling,” Evan Lucas, a market strategist at IG Ltd., told Bloomberg.
DTZ will keep its name. Brett White, the former general director at CBRE, will take over as chief executive in March. Tod Lickerman will remain DTZ’s general director. “DTZ now has the independent governance, strong capital base and speed-to-market of a private company, which will allow us to grow and serve our clients’ ever-changing needs,” said Lickerman.
