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TPG makes sole final offer for UGL’s property unit

19 May 2014

australia_koala_170sqAustralian engineering and property management group UGL has reportedly received only one final offer for its real estate unit.

UGL was expecting to receive four bids for DTZ from private equity firms by the May 16 deadline and secured only one final offer from TPG Capital, said Reuters, citing a source.

The sale of DTZ may now be in doubt and UGL could go back to its original plan for a share market listing, said the report.

A year ago UGL said it planned to float DTZ.

In the meantime, TPG is currently preparing to float its portfolio company American Tire Distributors.

The American tire distributor could be valued at more than $2.5bn, Reuters reported earlier this month.

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