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.”
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.