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DTZ acquires Grosvenor Hickey Tindale

For Release

6th September 2005

DTZ acquires Grosvenor Hickey Tindale

Leading international property firm DTZ has elevated its position in the Sydney marketplace via the acquisition of Grosvenor Hickey Tindale (GHT) considered to be one of the city's highest profile and leading commercial leasing agencies. The acquisition of GHT is consistent with DTZ Group's strategy to grow its share in the Central Business District's of key cities.

The Company was formed in September 2001 by Julian Grosvenor, John Hickey and Mark Tindale. Since inception, the agency has leased substantial amounts of space in the Sydney CBD and fringe, via the conduction of successful major leasing campaigns on behalf of property clients including Investa, Colonial First State, DB RREEF, AMP, GPT Group, ISPT and a number of key private clients.

GHT was recently awarded 'Commercial Agency of the Year' by DB RREEF.

Chris Johnson, Managing Director of DTZ NSW said, 'the marriage of DTZ with GHT is seen as a crucial building block in our ambitions to create a long term sustainable market leading position in Sydney. GHT has an outstanding reputation and is the perfect, hand in glove complement for our existing platform which together will elevate DTZ into a stronger market position in one of the world's major business centres'.

The consideration for the acquisition, which will be met out of existing resources, comprises the following elements:

(a) An initial payment of $4.5 million, adjusted following completion of the acquisition to reflect the net assets of GHT at completion; and

(b) Further payments of up to $2.0 million per annum, for the next three years, based on the profits of the business of GHT following completion.

The Directors of GHT said that from a commercial leasing perspective their commitment and services would remain unchanged however the team was now in a position to offer the expertise and reach of a global property group. To service the needs of the expanding client base they needed to align themselves to a major global group with core values in harmony with that of their own. DTZ was a very clear partner of choice and GHT directors were thrilled to be on board.


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