International property consultancy DTZ is returning to New Zealand to form a new relationship, after separating from Bayleys Real Estate late last year.
This time, the $400 million business will join valuers Darroch, which DTZ group finance director Tim Smyth describes as "a slightly more suitable partner."
But theBayleys deal was never a formal marriage. It stemmed more from an informal arrangement with the Sydney office of Bayleys, he said.
DTZ expects eventually to buy 20 per cent of Darrochs from the 16 shareholders, headed by managing principal Arthur Stewart, in Wellington.
But that will not be for about two years, which Mr Smyth said was akin to a period of engagement to ensure all would go smoothly.
Mr Stewart described the deal as a move towards globalisation, with his firm joining DTZ and its operations in 118 cities and a total staff of 5000.
"This would be the most significant step in our 25-year history."
