X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NEW YORK CITY-In the wake of purchasing partners in Canada, Russia and Mexico, Cushman & Wakefield has bought out its South American partner, Semco Group. The new firm will be called Cushman & Wakefield South America, and plans to increase local investment and strength its presence there.

“This is a key move to fully integrate our service platform throughout North and South America,” says Tony Marano, CEO of the Americas, in a statement. “From an outright ownership position, we will seek to accelerate our expansion and delivery of service offerings to meet the diverse needs of our clients.”

C&W and Semco have been joint venture partners since 1994, Celina Antunes, CEO of C&W for Central and South America, tells GlobeSt.com. At that time the companies split ownership 50/50. Then in 2002 C&W became the majority stake holder, owning 80% of the partnership. Now C&W purchased the last 20%, for an undisclosed price, according to a spokesman.

“This reflects on our strategy to achieve 50% of our revenues from outside the U.S., through selective but aggressive acquisitions where the market and cultural fit is strong,” says C&W President and CEO Bruce Mosler.

The name change will happen immediately, Antunes says. Today all signage, letterhead and brochures will drop the name Semco and contain the new firm’s appellation.

C&W now manages 70 million sf of office and industrial properties in South America. It has offices in several Brazilian cities including Sao Paulo, Rio de Janeiro, and Manaus, as well as in Argentina, Chile, Venezuela, Columbia, Peru and Ecuador; employing more than 2,300 people.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.