Press release from Business Wire
CBRE Group, Inc. Extends Property and Asset Management Capabilities with Acquisition of SOGESMAINT-CBRE
Friday, June 14, 2013
CBRE Group, Inc. Extends Property and Asset Management Capabilities with Acquisition of SOGESMAINT-CBRE02:00 EDT Friday, June 14, 2013
LOS ANGELES (Business Wire) -- CBRE Group, Inc. (NYSE: CBG), the global commercial real estate services and investment firm, today announced that it has acquired full ownership of SOGESMAINT-CBRE, a property and asset management specialist operating in Belgium. CBRE has held a minority interest in the company since 2006.
SOGESMAINT-CBRE was established in 1973 and today it is one of the leading property and asset management businesses in Belgium. The company manages over 1.4 million square meters across 90 properties throughout the country and also provides project management and leasing services.
The company's professional team will become part of CBRE's leading EMEA Property and Asset Management practice, which manages over 35 million square meters of assets across the region with a focus on premier properties, shopping centers and major portfolios. In response to growing client demand, CBRE has significantly strengthened this capability in the region, underlined by its recent acquisitions of IMPACT-CORTI and Euro Mall Center Management, two property management firms operating in Central Europe, and SCM, a shopping center specialist in the Netherlands.
Michael Strong, CBRE's Executive Chairman, EMEA, said:
“Our business continually evolves to ensure we meet the current and future needs of our clients. The SOGESMAINT-CBRE acquisition is part of this commitment, ensuring we have the leading property and asset management platform across the EMEA region, and builds on our recent acquisitions that have expanded our business in the Netherlands, Czech Republic, Slovakia, Poland, Latvia and Lithuania. Since first partnering with SOGESMAINT-CBRE in 2006, we have had an exceptionally strong relationship with them driven by our mutual focus on client service, industry best practice and innovation and I am delighted to bring them fully into CBRE.”
Gaetan Clermont, CBRE's CEO, Belgium and Luxembourg, added:
“To maximize the value of their real estate investments, our clients are increasingly seeking expert property management services aligned with high quality investment, leasing and asset management advice. Fully integrating SOGESMAINT-CBRE into our Belgian business enables us to further enhance our service offering for the benefit of our extensive domestic and international client base.”
Micheline De Munck, SOGESMAINT-CBRE's CEO, commented:
“We are thrilled to be fully joining up with CBRE. Our original relationship afforded us access to the group's substantial global platform, formidable client base and strength across all property sectors. This move will reinforce and increase our own clients' access to this unique network and enable us to enhance the services we offer them. We look forward to further building on the successes of the past few years and further growing our offer to clients within CBRE's strong Property and Asset Management team to consolidate our leading position in Belgium.”
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world's largest commercial real estate services and investment firm (in terms of 2012 revenue). The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
“Safe Harbor” Statement Under the U.S. Private Securities Litigation Reform Act of 1995
Certain of the statements in this release regarding the acquisition of Sogesmaint-CBRE that do not concern purely historical data are forward-looking statements within the meaning of the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements involve risks and uncertainties, including, but not limited to, the ability of the parties to successfully integrate the operations of Sogesmaint-CBRE with CBRE's existing property and asset management operations in Belgium and throughout Europe, and the ability to leverage the combined operations to capture a larger share of the property and asset management market in Belgium and Europe, as well as other risks and uncertainties discussed in CBRE's filings with the U.S. Securities and Exchange Commission (SEC). Any forward-looking statements speak only as of the date of this release and, except to the extent required by applicable securities laws, CBRE expressly disclaims any obligation to update or revise any of them to reflect actual results, any changes in expectations or any change in events. If CBRE does update one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements. For additional information concerning factors that may cause actual results to differ from those anticipated in the forward-looking statements, and risks to CBRE's business in general, please refer to the Company's SEC filings, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2012, and its Quarterly Report on Form 10-Q for the quarter ended March 31, 2013. Such filings are available publicly and may be obtained off the Company's website at www.cbre.com or upon request from the CBRE Investor Relations Department at email@example.com.
CBRE Group, Inc.
Chief Financial Officer