Global property services firm Cushman & Wakefield has expanded the geographic reach of its Asian project management platform with the acquisition of Singapore-based Project Solution Group (PSG), according to a firm statement.
The acquisition is part of Cushman’s global growth plans and comes on the heels of two office openings in Taipei and Manila earlier this year. Adding the 70 staff and 14 offices from PSG will make Cushman one of the largest project management platforms in the region, the firm said. The transaction size was undisclosed.
Although the number of staff and offices added to Cushman is sizable compared to the 900 new staff and six new offices Cushman has added to its Asia-Pacific business over the past 18 months, PSG has made the biggest impact in terms of Cushman’s geographic reach.
“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,” Richard Middleton, executive managing director of Cushman & Wakefield’s corporate occupier and investor services in Asia, said in the statement. “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.”
The co-founder of PSG, Mike Harrison, has been elected the executive managing director of Cushman's project management services in Asia. According to the statement, Harrison has 40 years of experience in project management, 14 of which are in Asia specifically. Harrison applauded this acquisition as “the natural next step for [PSG].”
Cushman’s capabilities in Asia also have been expanded to include consultancy and interior design , according to the statement. The increased capability of project management could also increase the capability of the investment management team in the region, which currently does not have a presence there, the firm said. “There are synergies between our capital markets/investment management business and project management,” a Cushman spokeswoman said. She declined to give further details.
Last month, Cushman’s global chief executive Glenn Rufrano announced his resignation from the firm, and chairman Carlo Barel di Sant’Albano assumed the role on an interim basis, PERE reported. The firm has yet to announce Rufrano's replacement.