Cushman & Wakefield strikes unique takeover deal to bypass hurdles

Sep 04 2013, 17:28 IST
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Such model of acquisition was not new internationally but was done for the first time in India. Reuters Such model of acquisition was not new internationally but was done for the first time in India. Reuters
SummarySuch model of acquisition was not new internationally but was done for the first time in India.

Global real estate advisor Cushman & Wakefield on Wednesday claimed it carried out a unique acquisition model, for the first time in India, for another city-based real estate advisor company Lemongrass Advisors.

"We acquired the entire team of Lemongrass Advisors. We have gone for talent acquisition rather company takeover to avoid regulatory hurdles and delays," Cushman & Wakefield south Asia managing director Sanjay Dutt said here today.

Such model of acquisition, he said, was not new internationally but was done for the first time in India.

"Being a service company, talent is the real asset of a company so talent acquisition meets our goal," Dutt said.

For all practical purpose Lemongrass will die natural death after three years when all receiveables of the company is obtained as per existing contracts, Cushman & Wakefield East India director and founder of Lemongrass Abhijit Das said.

Cushman & Wakefield will expand rapidly after the acquisition in eastern market. The real estate company will also expand in Bangladesh and Sri Lanka in next few years, Dutt said.

Meanwhile, Dutt said he expects real estate market correction will be longer in the present slowdown compared to Lehman brothers crisis in 2008.

"In 2008, the impact was global and partly felt only in financial sector but this slowdown will take more time for correction to complete than the past Lehman Brother crisis," he said.

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