“This is a very exciting step that advances CBRE’s diversification strategy across four dimensions – asset types, lines of business, clients, and geographies,” Sulentic said. “Public and private sector infrastructure investment and the drive to a low-carbon economy are fueling secular growth opportunities in project management.
“Turner & Townsend is by far the best firm to help us realize our ambitions for this business. Their first-rate brand and capabilities – when combined with our own – will enable both firms to best serve clients and capture the sizeable opportunities in the marketplace.”
The professional services company provides program and project management, cost consultancy, and advisory consulting services for clients in 46 countries. It operates across three business sectors: real estate (data centers and life-science properties), infrastructure (transportation, environmental, and power generation projects), and natural resources (renewable energy, alternative fuels, liquified natural gas, and other projects).
As previously announced, CBRE has acquired a 60% ownership interest for approximately £960 million ($1.3 billion) in cash, with 55% paid upon closing. Turner & Townsend will retain its existing leadership team, heritage, operational independence, and partnership structure – which will hold the remaining 40% ownership interest. The deal values Turner & Townsend at approximately £1.6 billion ($2.2 billion) and is expected to be immediately accretive to CBRE’s earnings.
Read more: CBRE reveals latest acquisition