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CBRE Acquires UK Asset Management Business

CBRE Acquires UK Asset Management Business
08 November 2023
 

CBRE has acquired Sovereign Centros, a UK asset management and development management business.

Sovereign Centros provides asset management for shopping centres and retail parks, leisure and mixed-use properties, with nearly 14 million sq. ft. under management. Its clients include The Metrocentre in Gateshead, Festival Place in Basingstoke, Merry Hill Shopping Centre in Dudley, the Telford Centre in Telford and the St Enoch Shopping Centre in Glasgow.

The acquisition is set to help CBRE expand its asset management and development management capability within retail. 30 members of Sovereign Centros staff will join CBRE’s existing asset management and development management teams, which will be led by Chris Geaves, Chief Executive of Sovereign Centros.

Ciaran Bird, CBRE Divisional President, Advisory Services, CEO UK & Ireland said:“The acquisition of Sovereign Centros is an important part of our strategy to grow our capabilities at pace and secure the strongest talent within asset and development management. This acquisition will ensure we are able to offer an even better service to more clients and allow us to capitalise on the growth opportunities offered by the sector.”

Chris Geaves, Chief Executive of Sovereign Centros, added: “We are excited to join forces with CBRE and know that our combined experience and extensive network will be extremely powerful. Investors are increasingly looking to outsource due to the challenging environment, so it presents the team with a huge opportunity.”  

Picture: a photograph of a CBRE office showing their logo mounted on an outside wall. Image Credit: CBRE

Article written by Ella Tansley | Published 08 November 2023

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