An Italian holding company has acquired a 67.5% stake in real estate services firm Cushman & Wakefield. IFIL Group, the investment arm of the Agnelli family, paid Rockefeller Group International $563 million for the majority stake. Under terms of the deal, which is expected to close during the first quarter, Cushman & Wakefield management and employees will retain up to 32.5% of the company's equity.
“We're delighted to announce this partnership with Bruce Mosler and his team,” says IFIL Vice Chairman John Elkann. “As a leader in a growing global services sector, Cushman & Wakefield is precisely the kind of company we've been looking for as we continue diversifying our investments.”
IFIL is the largest shareholder in Fiat S.p.A., Italy's largest automaker. IFIL already manages roughly $11.7 billion in assets, and the Agnelli family holds 32% of that portfolio. By acquiring Cushman & Wakefield, IFIL will solidify its position on the global services side of the real estate business. In 2005, Cushman & Wakefield posted $1.23 billion in revenue. The company projected revenues of $1.6 billion in 2006.
“Securing IFIL as our partner puts Cushman & Wakefield in a position to take advantage of a consolidating industry to push forward with our strategic growth plan,” Mosler remarked during a webcast.