Press Release – Quotable Value New Zealand
Quotable Value Limited (QV) is very pleased to announce the purchase of the DTZ business in New Zealand, which is planned to come into effect in early November this year. “This acquisition fits well with QV’s plans for continued growth and profitability” …
Media Release: 30 September 2009
Quotable Value Growing Through DTZ Acquisition
Quotable Value Limited (QV) is very pleased to announce the purchase of the DTZ business in New Zealand, which is planned to come into effect in early November this year.
“This acquisition fits well with QV’s plans for continued growth and profitability” says Phil Lough, Chair of QV. “And we are pleased to be in a position where we are able to bring the ownership of the DTZ business in New Zealand back from overseas and into New Zealand hands.”
“This acquisition will not only provide economic benefits through the better and more efficient use of capital and resources it will also enable us to continue to maintain New Zealand jobs and keep the intellectual property in New Zealand.”
Bill Osborne, Chief Executive of QV, says the DTZ acquisition is a big step in QV’s strategy to be a leading player in the commercial and industrial property market.
“Quotable Value Limited is already New Zealand’s largest valuation and property information company.
“The acquisition will add value to QV’s business and will open new opportunities for our many customers through New Zealand. It will also provide strong business support for DTZ’s existing customers,” says Bill Osborne.
DTZ is a significant operator in the New Zealand market and employs around 130 staff, with offices throughout the country. QV intends to merge the former DTZ New Zealand business with its existing Darroch business. DTZ and QV will maintain an international alliance relationship post the acquisition.
The purchase price and details of the acquisition, however, are commercially sensitive and will not be released to the market.
“As a state-owned enterprise, QV is very pleased to be able to grow its business and provide better shareholder value and returns to the Crown,” concludes Bill Osborne.
State-owned enterprise Quotable Value Limited was formed in July 1998 and focuses on valuations, rating and taxation, and property information
QV employs more than 260 people across New Zealand and Australia and has a total annual turnover of more than $40m NZD (including subsidiary and JV activities).
QV is the leading provider of rating valuation services to councils in New Zealand, and has the largest market share of rating valuations in New South Wales. QV has recently extended rating valuations services into the Victorian market.
QV offers market valuations to the residential property market in New Zealand under the QV brand and has a specialist team providing valuations to the commercial and industrial market under the Darroch Valuations brand.
QV provides property information and analytics through its joint venture business PropertyIQ. Residential property information is provided across the web via qv.co.nz.
Through a subsidiary company QV provides market valuations to the commercial and industrial market in Australia under the Egan National Valuers brand.