In a continuation of the company’s global growth plan, Cushman & Wakefield, the world’s largest privately-held commercial real estate services firm, today announced that it has entered into an agreement to acquire Singapore-based project management specialist company Project Solution Group (PSG).
This latest acquisition is aligned with the firm’s global strategy to strengthen its operations in Asia Pacific and when completed, will position Cushman & Wakefield as a market leader in Project Management services with one of the largest platforms in the Asia Pacific region and the ability to provide more in-depth experience, a broader reach and a wider range of integrated solutions to its global clients.
This acquisition follows Cushman & Wakefield’s announcement earlier this year that it had expanded its operations into Taiwan and Philippines with office openings in Taipei and Manila.
Founded in Singapore in 2004, PSG Asia offers professional Interior Design, Project Management and Construction services to over 40 multi-national corporations across Asia Pacific. Headquartered in Singapore, PSG operates from 14 offices in 12 countries, with 70 staff throughout Asia and Middle East. The company was co-founded by Australian Mike Harrison, who will become the Executive Managing Director of Cushman & Wakefield’s Project Management services in Asia. Mike Harrison has more than 40 years of experience in Project Management, of which 14 have been spent within Asia Pacific.
Carlo Sant’Albano, Cushman & Wakefield’s Executive Chairman said, “This acquisition represents a key milestone in the continuing strengthening of our Asia Pacific operations. Over the past 18 months we have added six new offices and over 900 new staff to our Asia operations and this latest acquisition of PSG propels us into a leadership position for the provision of project management services right across the region. Expanding our global property/project management capabilities is a strategic priority for us and this latest move follows our successful acquisition of Cousins Properties in US last year.”
Sanjay Verma, Chief Executive Officer of Cushman & Wakefield in Asia-Pacific, commented: “Cushman & Wakefield is in a phase of growth in Asia Pacific. Our expansion plans are both geographical and service line focused, with the aim of enhancing our platform, for the benefit of our clients. Project Management has been a major focus for growth for us, and we have found the perfect solution with the acquisition of PSG. The key driver behind this deal was the cultural fit between Cushman & Wakefield and PSG. We share a common vision, values, client approach and the commitment to focus on our clients’ property objectives providing bespoke solutions with the highest quality of service.”
John Santora, President & Chief Executive Officer, Corporate Occupier & Investor Services for Cushman & Wakefield commented: “With the addition of PSG to our team, we expand our capabilities in Singapore and China, both markets where PSG already has significant strength; and where Cushman & Wakefield already has a large mature team, such as in India. We are now able to offer Cushman & Wakefield’s and PSG’s clients a greater depth of expertise across the region.”
Cushman & Wakefield’s project management capabilities in Asia Pacific now include: Project Management Consultancy and Turn-Key design and build related services.