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A group that includes the Ontario Teachers’ Pension Plan has agreed to buy global property services company DTZ from Australia’s UGL Ltd. for A$1.2 billion ($1.2 billion).
The consortium includes Dallas-based TPG Capital and Hong Kong’s PAG Asia Capital.
“Over the last 16 years, UGL has built one of the leading global property services platforms through both selective acquisitions and investing in organic growth,” says UGL managing director and CEO Richard Leupen. He adds that selling DTZ will provide the business with the flexibility to undertake its next stage of growth.
DTZ was founded in 1784 and acquired Canada’s JJ Barnicke Ltd., a commercial real estate services company, in 2007.
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