CBRE Group Inc.
CBRE Group, Inc. Announces Plan to Combine Project Management Business with Turner & Townsend Subsidiary
Summary
On June 24, 2024, CBRE Group, Inc. announced its intention to combine its Project Management business with its Turner & Townsend subsidiary, aiming to create an unmatched global project management capability. CBRE will hold a 70% stake in the combined entity, with the remaining 30% held by Turner & Townsend partners. The transaction is expected to close around year-end 2024, pending regulatory approval and customary conditions. The combined business is expected to generate approximately $0.15 of incremental run-rate core EPS by the end of 2027. Vincent Clancy, CEO of Turner & Townsend, will lead the combined business and is expected to be appointed to the CBRE Board upon transaction closure.
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About CBRE Group Inc.
CBRE Group Inc. operates as a leading commercial real estate services and investment firm globally. The company's primary purpose is to offer a broad array of real estate solutions, sector-driven insights, and advisory services to a diverse clientele that includes corporations, property owners, investors, and developers. CBRE provides expertise in property management, strategic consulting, valuation, project management, and capital markets operations. Known for its vast geographic presence, CBRE serves numerous industries, encompassing sectors such as retail, industrial, office, and healthcare. With comprehensive service offerings, the firm plays a vital role in shaping urban landscapes and responding to market dynamics. Headquartered in Dallas, Texas, CBRE Group Inc. leverages its extensive global network and local market expertise to drive innovation and sustainable practices, profoundly influencing how real estate industry challenges are addressed across the world.
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