The shareholders of one of the world’s largest commercial real estate services firms have near-unanimously agreed to move the company’s place of incorporation from England and Wales to Bermuda.

Cushman & Wakefield plc said its shareholders have overwhelmingly voted in favour of all the company’s proposals in connection with the company’s intention to move.

Cushman is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries.

In 2024, the firm reported revenue of $9.4 billion across its core service lines of services, leasing, capital markets, and valuation and other.

The New York Stock Exchange-listed company (CWK) has received numerous industry and business accolades for its award-winning culture.

The approval vote came at a series of back-to-back shareholder meetings held on Thursday. The company said the percentage of votes in favour of each of the proposals voted on at the meetings ranged from 95.22 per cent to 99.99 per cent of votes cast.

Subject to change, the company expects a closing date of November 27 and is proceeding to that end with legal and regulatory procedures required to implement the redomiciliation.

Michelle MacKay, the chief executive, commented: “We appreciate the support and confidence from our shareholders in redomiciling our parent company from England and Wales to Bermuda.

“We look forward to reducing administrative burdens and costs and continuing to maintain strong corporate governance, a stable corporate structure and capital flexibility.”

Cushman & Wakefield stated the company wanted to redomicile to Bermuda for those reasons, and to align corporate governance with its largely American shareholder base, and facilitate shareholder value creation.

Other key objectives that were behind the move, according to company filings, included taking advantage of more adaptable Bermuda laws. Management expects to reduce administrative, accounting, tax and legal complexity, which could save approximately $3 million annually.

The overall objective behind the strategic move, which the company believes will be facilitated by the lower costs and increased efficiencies, is shareholder value creation.

The company said the redomiciliation is generally tax-neutral and not tax-driven, as its subsidiaries’ tax residences will not change.