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Cushman & Wakefield is Latest CRE Firm to Exit Russia
Cushman & Wakefield has reached a definitive agreement to transfer its business in Russia to a local operator, Cushman & Wakefield said Tuesday.
Cushman and Wakefield is joining corporate icons like McDonalds and Pepsi in exiting the Russian market in protest over the country’s invasion of Ukraine. Others in the CRE community that have left Russia include CBRE and Colliers, while JLL has written an open letter decrying Russia’s brutality.
Cushman & Wakefield said the transition of the business will allow the new owners to support Russian employees while maintaining continuity of essential services to clients, adding that the transaction is not material to the firm’s financial statements or future operations.
The company also said it continues to support its Ukrainian colleagues by mobilizing resources, including its Global Employee Assistance Fund. In addition, the firm is also supporting its many employees in neighboring countries who are responding to the humanitarian crisis through a variety of means.
Photo credit: Mos.ru, CC BY 4.0, Wikipedia.
- ◦Economy
