International property consultant Cushman & Wakefield has agreed to acquire Singapore-based project management company Project Solution Group (PSG) for an undisclosed sum as part of its strategy to strengthen its operations in Asia Pacific.
The acquisition will transform the firm into a market leader in project management services, with one of the largest platforms in the Asia Pacific region and the ability to provide more in-depth experience, a broader reach, and a wider range of integrated solutions for its global clients, a company official said.
PSG, founded in Singapore in 2004, offers professional interior design, project management, and construction services to more than 40 multinational corporations across the Asia Pacific.
Richard Middleton, executive managing director of Cushman & Wakefield's corporate occupier and investor service in Asia Pacific, said all staff at PSG would join Cushman & Wakefield, raising staff numbers in its project management business in Asia to 650.
"Project Management is one of the fastest growing businesses in our C&W platform, with revenue having almost doubled over two years before the acquisition. Given the growth in the project management market across the region, we expect to see our market share increase substantially following this acquisition," Middleton said.
PSG was co-founded by Australian Mike Harrison, who will become the executive managing director of Cushman & Wakefield's project management services in Asia. Harrison said PSG started its business in China nine years ago and its first mainland project was building offices for Google in Tsinghua Science Park in Beijing.
PSG operates from 13 offices in 17 countries, with more than 70 staff throughout Asia and the Middle East.
Middleton said the two firms complement one another. "With the addition of PSG to our team, we are now able to offer three distinctive services - in addition to the project management consultancy that we have been offering, we will be able to offer design services … as well as full turnkey project solutions."