Upon closing the transaction, CBRE will own 70 percent of the combined Turner & Townsend/CBRE project management business, with the Turner & Townsend partners holding the remaining 30 percent. CBRE acquired a 60 percent ownership interest in Turner & Townsend in
CBRE's entire project management business, including Turner & Townsend, produced net revenue of approximately
'Powerful secular trends, particularly increased spending on infrastructure, green energy, and employee experience, are growth catalysts for this business and we are well positioned to capitalise on this significant opportunity.'
The combined business will be led by
'Vince is an exemplary leader who has guided Turner & Townsend to great success,'
'Putting CBRE's extensive global project management resources and capabilities under Vince will strengthen our value proposition for clients and advance our growth ambitions.'
'We have made exceptional progress towards this goal and our revenue and profit have grown significantly in the last three years. Turner & Townsend's momentum will continue to grow with the combining of two great businesses into one integrated, pure-play project management capability. Our combined depth of talent and resources, global footprint, sector expertise and commitment to excellence will be second to none in project and programme management.'
The CBRE Board of Directors intends to appoint
'Vince will bring a global perspective and deep experience in key growth areas like renewable energy and infrastructure to our Board. We look forward to his insights and contributions,'
Beginning in 2025, CBRE intends to report project management results in a new segment separate from
Turner & Townsend operates across three business segments globally, real estate - serving investors and occupiers across all property types, including data centres and life sciences; infrastructure - notably transport and aviation and energy and natural resources - including renewable energy, alternative fuels and liquified natural gas.
The transaction is expected to close around year-end, subject to satisfaction of regulatory and other customary conditions and completion of required consultations with employee Works Councils in certain jurisdictions.
Contact:
Tel: +44 7811 785708
Email: sarah.leaman@turntown.co.uk
(C) 2024 Electronic News Publishing, source