Cushman to Expand Property Valuation Business in Latin America
By Daniel Taub
Oct. 31 (Bloomberg) -- Cushman & Wakefield, the second- largest commercial real estate broker, said it will expand its property valuation business in Latin America as its clients invest more money in the region.
The expansion will add to the company's existing valuation business in Mexico City, Sao Paulo and Buenos Aires, New York- based Cushman said today in a statement. Cushman has 10 employees working in property valuations in Latin America, and plans to add 15 to 20 more in the next three to five years, said Stanley Dennis, senior managing director for valuation services.
"Mexico has very low market transparency, as do many parts of Latin America,'' Dennis, 52, who is leading the expansion, said in an interview. ``Real estate is often viewed as a global business, but I would tell you that real estate intelligence and real estate information is very often highly local.''
The expansion of the valuation business is part of Cushman's increased emphasis on its international business, Dennis said. Cushman earlier this month said it bought out partner Grupo Accion's 50 percent stake of their Mexican venture. Over the past two years, Cushman has purchased a Russian affiliate, Stiles & Riabokobylko, and a Canadian affiliate, Royal LePage Commercial.
Cushman's valuation business assists clients buying real estate or lending to property owners by providing appraisals, due diligence and market reports.
Among the areas where Cushman is considering expanding its valuation services are Guadalajara, Cancun and Cabo San Lucas in Mexico, San Jose in Costa Rica, Puerto Rico, Lima, Rio de Janeiro and Santiago, Dennis said.
Cushman had $69.3 billion in sales and leasing transactions worldwide last year, ranked behind only Los Angeles-based CB Richard Ellis Group Inc., which had $150.4 billion in transactions, according to the magazine National Real Estate Investor. Cushman is majority-owned by New York-based Rockefeller Group Inc., whose majority shareholder is Tokyo-based Mitsubishi Estate Co.
To contact the reporter on this story: Daniel Taub in Los Angeles at dtaub@bloomberg.net .
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