Cleary Gottlieb Steen & Hamilton and Paul Weiss have picked up mandates advising on investment company Exor's sale of its majority stake in real estate business Cushman & Wakefield for $2bn (£1.3bn).

Exor, the investment arm of Italy's Agnelli family – the founders of Fiat – will sell its stake to property agent DTZ.

Cleary is advising DTZ and the consortium of investors that owns DTZ, which includes private equity companies TPG Capital and PAG Asia Capital, and the Ontario Teachers' Pension Plan.