Big moves at engineering contractor UGL, with the announcement of the sale of one subsidiary and appointment of a new CEO.

UGL announced the long-foreshadowed sale of property business DTZ to a consortium of private equity-led investors.

The collective buyers include TPG Capital, PAG Asia Capital and the Ontario Teachers' Pension Plan. They have created a $1.2 billion pool to buy DTZ, with a completed deal due by September.

UGL says the sale will allow it to focus on engineering and construction operations, which it says have grown increasingly separate from the property business side at DTZ.

Meanwhile, Ross Taylor will replace UGL CEO Richard Leupen on the 24th of November.

Mr Taylor has previously worked as group CEO at Tenix and group COO at Lend Lease.

Taylor was tempted over with a salary of approximately $1.5 million.

The change-up comes after the departure of then CEO Russell Waugh in August last year. Mr Waugh stepped down in order to free himself up to defend allegations of corruption in Iraqi offshore oil and gas businesses he ran in the Middle East between 2009 and 2010.