Cushman & Wakefield to Raise as Much as $810 Million From IPO

(Bloomberg) -- Commercial real estate firm Cushman & Wakefield Plc plans to raise as much as $810 million from an initial public offering in the U.S.

The firm aims to offer 45 million shares for $16 to $18 apiece, according to a regulatory statement Monday.

Cushman & Wakefield, whose owners include private equity firms TPG and PAG Asia Capital, has said it will use the proceeds to reduce debt, for general corporate purposes and for making deferred payments to employees who worked for Cassidy Turley, a brokerage that its predecessor agreed to buy in 2014. The offering will be led by Morgan Stanley, JPMorgan Chase & Co., Goldman Sachs Group Inc. and UBS Group AG, with other firms also assisting in the sale.

Last year, Cushman & Wakefield had a net loss of $221 million on revenue of $6.9 billion, according to last month’s filing. The New York-based firm said its 48,000 employees at 400 offices in 70 countries manage about 3.5 billion square feet of commercial real estate.

In 2015, Cushman & Wakefield merged with DTZ, a property services company that TPG, PAG Asia and the Ontario Teachers’ Pension Plan Board purchased a year earlier from UGL Ltd., an Australian construction engineering firm.

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