Cushman and Wakefield, the commercial real estate services firm, has acquired the entire team of @Lemongrass, a real estate consultancy firm in Kolkata and eastern India, in a bid to augment its Kolkata operations, BL states.
With this acquisition, Abhijit Das- Founder and MD of Lemongrass Advisors, will lead the Kolkata operations as the new Office Director for the East.
The acquisition is unique in the sense that a corporate takeover was avoided in this instance to avert regulatory hassles and other necessary processes such as due diligence. Being a service company, talent is the real asset of a company, so C&W opted for talent acquisition.
Lemongrass will die natural death after three years when all receiveables of the company is obtained as per existing contracts.
C&W was planning to enter Bangladesh and Sri Lanka. While it will set up office in Dhaka by 2014, Sri Lanka may follow a year later.
Cushman & Wakefield is the largest privately held real estate services firm in the world. Founded in 1917, it has 195 offices in 55 countries around the globe, and 11,000+ talented professionals.
It commenced its India operations in 1997 and today has grown to over 700 employees across our offices based in New Delhi, Mumbai, Bangalore, Chennai, Hyderabad, Kolkatta and Pune. It offers a full range of real estate services combining local expertise and experience with technology and standards of service that are well established and consistent across all Cushman & Wakefield's offices worldwide.