One of the biggest names in the Midwest Commercial real estate business might be on the sales block, with several published reports stating that Cushman & Wakefield is being put up for sale.
The Agnelli Family now owns the commercial real estate giant, which operates affiliates across the Midwest.
A recent story in the Wall Street Journal said that Exor SpA, the investment group of the Agnelli family, has approved the hiring of Goldman Sachs and Morgan Stanley to find a buyer for Cushman & Wakefield.
If the company is sold, it would rank as a major deal in the Midwest and across the country. Cushman & Wakefield today ranks as the third-largest commercial real estate services firm. The Agnelli family paid a hefty $565.4 million to purchase a 67.5 percent interest in the company in 2007.
Celine Clarke, global head of corporate communications for Cushman & Wakefield, told Midwest Real Estate News, in a written statement, that “as is the normal course of business,” both Cushman & Wakefield and Exor SpA continually seek ways to enhance the business and create value.
The statement said, “There is currently no transaction to disclose, nor guarantee that such a review may result in any transaction involving Cushman & Wakefield.”
The statement that Clarke sent also said that the Cushman & Wakefield’s relationship with Exor remains a strong one, and that Exor has “endorsed the strategic plan and direction of the firm.”
