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Cushman & Wakefield Forms Alliance With New Zealand Firm

NEW YORK CITY-US investors have taken an interest in the area in part because New Zealand does not pose restrictions on real estate purchases by foreigners and property income yields are higher there than in other Asian countries.

By John Howe | Updated on November 17, 2000

NEW YORK CITY-Cushman & Wakefield has formed an alliance with Bayleys Real Estate, the largest commercial and industrial property services firm in New Zealand where it employs more than 550 people and maintains 29 offices. Commenting on the arrangement, David Bayley, executive director of firm, notes that, “We are particularly pleased to draw upon Cushman & Wakefield’s global expertise as most of New Zealand’s international property business, in terms of corporate referral work and investment, comes from the United States and Southeast Asia.

Interest in the New Zealand market by US investors has been growing recently, Bayley notes, due to the strength of the dollar against smaller international currencies such as New Zealand’s Kiwi. That interest also stems from New Zealand’s lack of restrictions on purchases of commercial and industrial real estate by foreigners and property income yields are generally about double those found elsewhere in Asia.

During the last year and a half, C&W has opened offices in Japan and Argentina and sealed an association agreement with the CPN Group in Australia.

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