UGL to spin off property arm UGL will go ahead with a $1.3 billion spin-off of its growing property business into a new company to be listed on the Australian Securities Exchange in a bid to win stronger valuations for its businesses from the investment community. UGL chief executive Richard Leupen is expected to announce that its DTZ property services unit will be spun out as a global real estate services business in the mould of global giants Jones Lang LaSalle and CBRE Group when he delivers the group's annual profit results today.