OTPP backed Cushman & Wakefield acquires 20 VIC Management

Ted Liu

Cushman & Wakefield, a portfolio company of TPG Capital, PAG Asia Capital and Ontario Teachers’ Pension Plan (OTPP), has acquired 20 VIC Management Inc., a commercial real estate management firm providing high-level personalized service to an exclusive group of pension funds, private equity firms and high-net-worth investors. 20 VIC currently manages over 21 million square feet of space.

This addition to Cushman & Wakefield will almost double the Canadian operation’s headcount and will add significantly to the firm’s platform.

George Buckles and Randy Scharfe co-founders of 20 VIC will join Cushman & Wakefield as Executive Managing Directors, Asset Services.

Globally, Cushman & Wakefield manages over 13,000 assets and 1.4 billion square feet of space on behalf of its clients. Asset Services includes project and development services, client accounting, portfolio services, sustainability and transaction management.

In November 2014, TPG, PAG, and OTPP has acquired DTZ Holdings plc from UGL Limited for AUS $1.215 billion. In September 2015, DTZ acquired Cushman & Wakefield for US $2 billion.

“This acquisition, first and foremost, is about providing our clients with a deeper pool of talent and a broader array of services,” said Chuck Scott, Cushman & Wakefield Chief Executive Canada. “The 20 VIC team is a great complement to Cushman & Wakefield’s strong capabilities in Canada.”

“We are thrilled about combining our forces with Cushman & Wakefield, one of the most storied brands in commercial real estate, and we look forward to continuing to lead our team and expand our presence across Canada and the United States,” said Buckles. “In making this decision, we knew the importance of maintaining our focus on our clients while adding the strength and resources of a trusted, global brand.”

“Our platform is built on client trust and respect – qualities that are front and centre with the incredible talent on the 20 VIC team,” said Marla Maloney, President of Cushman & Wakefield Americas Asset Services. “Randy and George have always set a high bar for client satisfaction, and we are confident they will continue that tradition under the Cushman & Wakefield banner.”

photo credit: 20 VIC Management