Cushman & Wakefield Announces Acquisition of Leading Project Management Provider PSG

• Acquisition is part of firm's strategy of growing its business in Asia Pacific
• Cushman & Wakefield will offer one of the largest project management platforms in Asia Pacific
• PSG is a leading project management and construction services provider with 14 offices across Asia,  founded in Singapore in 2004
• Mike Harrison, CEO & Managing Director of PSG, appointed as Executive Managing Director of Cushman & Wakefield’s Project Management services in Asia Pacific
• 70 staff will join Cushman & Wakefield

SINGAPORE – 26th June 2013: 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.

Richard Middleton, Executive Managing Director of the Cushman & Wakefield’s Corporate Occupier and Investor Services in APAC said: “This acquisition is for our clients. With the addition of PSG to our team, we are now able to offer 3 distinctive services – in addition to the classic Project Management consultancy that we have been offering to date, we will also be able to offer design, through our own in-house design team, as well as a full turn-key solution which represents one of the best value propositions for clients, by transferring most of the design and all the construction risks to C&W at the start of the project. All in all, it’s about offering our clients the most efficient solution. Cushman & Wakefield will now be able to provide the broadest service offering of this nature in Asia Pacific.”

Richard Middleton continues: “PSG and Cushman & Wakefield complement one another. Cushman & Wakefield has been looking to expand in Singapore and China, both markets where PSG already has strength in numbers; and where Cushman & Wakefield already has a mature team, such as in India, we are now able to offer PSG clients a greater depth of expertise to tap into.”

Arsh Chaudhry, Executive Managing Director, South-East Asia commented: “We are witnessing incredible growth across the SE Asian markets. The Philippines and Indonesia are experiencing tremendous take up of new office space and this is set to continue with new supply of 12.5 million sf in the Philippines and 7.4 million sf in Indonesia coming online in the next 12-18 months. Across the hospitality sector, there is strong activity in the form of refurbishing existing hotels as well as new builds – these are both asset classes that Cushman & Wakefield is keenly focused on. The addition of PSG to the our existing team adds to our service offerings and gives us greater bench strength enhancing our ability to service our clients in these markets.”

David Cheadle, Managing Director of Cushman & Wakefield’s Indonesia business said: “This acquisition has great synergy with our existing Workplace Strategy, Interior Design and Project Management business in Indonesia, where we have completed over 500,000 sqm of corporate office interiors, retail banking, new-build and refurbishment projects for our international and local office occupier, banking and hospitality clients since the commencement of our operations in 2007. With PSG, we will now have wider geographic reach and ready access to internationally experienced resources.   

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.”

Mike Harrison, the newly appointed Executive Managing Director for Cushman & Wakefield’s Project Management services in Asia Pacific said: “Due to our long-standing, 9-year long relationship with Cushman & Wakefield in South East Asia, there is a true synergy between the two companies. Whilst we have have a strong base of our own clients including multinational companies such as Facebook and Google, but we have also serviced a number of the same clients as Cushman & Wakefield across the region, so this fusion of talent and experience is the natural next step for us.  To be joining a firm of Cushman & Wakefield’s calibre is exciting and will enable us to offer our clients a more extensive reach beyond Asia Pacific.”

Cushman & Wakefield’s project management capabilities in Asia Pacific now include: Project Management Consultancy and Turn-Key design and build related services.

About Cushman & Wakefield

Cushman & Wakefield is the world’s largest privately‐held commercial real estate services firm. The company advises and represents clients on all aspects of property occupancy and investment, and has established a preeminent position in the world’s major markets, as evidenced by its frequent involvement in many of the most significant property leases, sales and assignments. Founded in 1917, it has 253 offices in 60 countries and nearly 15,000 employees. It offers a complete range of services for all property types, including leasing, sales and acquisitions, equity, debt and structured finance, corporate finance and investment banking, corporate services, property management, facilities management, project management, consulting and appraisal. The firm has more than $3.7 billion in assets under management globally. A recognized leader in local and global real estate research, the firm publishes its market information and studies online at www.cushmanwakefield.com/knowledge.

About PSG

PSG Asia offers professional Interior Design, Project Management and Construction services. Founded in 2004, PSG has grown organically to 14 offices and 70 staff throughout Asia and Middle East (Singapore, Beijing, Shanghai, Taipei, Hong Kong, Kuala Lumpur, Manila, Bangalore, Seoul, Tokyo, Hanoi, Ho Chi Minh City, Sydney, Bahrain).