CB Richard Ellis, one of the titans in New York City real estate brokerage, announced today that it has acquired a majority share of CB Richard Ellis South Asia Pte Ltd, according to a press release.
CBRE India currently operates in 30 cities across the India market, and has brokered over 22 million square feet of leasing transactions and 30 million square feet in project management assignments in recent years.
Full release is below.
CB RICHARD ELLIS GROUP, INC. ACQUIRES INDIA AFFILIATE
Los Angeles, August 30, 2007 — CB Richard Ellis Group, Inc. (NYSE:CBG) today announced the acquisition of a majority interest in CB Richard Ellis South Asia Pte Ltd (CBRE India), a CB Richard Ellis affiliate company that is a premier, full service provider operating in 30 cities across the rapidly growing India market.
CB Richard Ellis’ expansion in the India market comes at a time of strong economic activity, continued growth of FORTUNE 500 corporate space occupiers, loosened restrictions on foreign investment resulting in higher capital flows into real estate, and increased commercial and residential real estate development.
CBRE India, based in Delhi, has been the CB Richard Ellis affiliate in India since 1994, and today has a staff of over 1,000 professionals providing a full spectrum of real estate services, including Leasing, Property and Facilities Management, Investment Sales, Project Management, Consulting Services and Valuation/Appraisal.
Over more than a decade, CBRE India has executed more than 22 million sq. ft. of leasing transactions and approximately 30 million sq. ft. in project management assignments, and advised major corporations throughout the world on their real estate strategies in India. For example, CBRE India has arranged lease transactions for global companies including Goldman Sachs, Cisco Systems, McAfee and JPMorgan Chase and Hewlett-Packard. CBRE India also manages 40 million sq. ft. of commercial properties and corporate facilities.
Robert Blain, President of CB Richard Ellis Asia-Pacific, said: “The acquisition of CBRE India fits perfectly with our strategy of achieving the leadership position in major business centers around the world. We see India – along with China and Japan — as one of the key drivers of our growth in Asia. We have worked closely with CBRE India as our affiliate, and have now cemented even closer ties as the economy and real estate market in India continue to boom.”
Anshuman Magazine, Chairman and Managing Director of CBRE India, said “CB Richard Ellis is the world leader in commercial real estate, and our new status as a majority owned operation will enable us to better tap into a wealth of resources and the industry’s most extensive and capable global platform. We are very enthusiastic about this move, and look forward to expanding the range of services we can offer our clients – in India and around the world.”