CBRE Group will acquire a 60% stake in Turner & Townsend for £960 million ($1.3 billion) cash. CBRE Group is a real estate services and investment firm. At the same time, Turner & Townsend is a UK-based real estate, natural resources, and infrastructure consultancy that provides cost management services to different sectors. One of these sectors is the data center industry.
President of CBRE, Bob Sulentic, commented on the acquisition. He said that the deal is a transformational one for the Company’s project management business in terms of capabilities. He further added that CBRE continues to see substantial growth prospects in project management, which are being driven by increasing private and public infrastructure investment and zeal for a low-carbon global economy. Finally, Bob was quoted to have said that Turner & Townsend is the best Company to help CBRE achieve its business ambitions.
The deal also involves an agreement for CBRE to expand Turner & Townsend’s business in the Americas, including data center contracts. This transaction is expected to close in the Q4 of 2021.
