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CBRE Completes Majority Ownership of Turner & Townsend

CBRE Completes Majority Ownership of Turner & Townsend
02 November 2021
 

CBRE has acquired a 60 per cent ownership interest in Turner & Townsend.

The companies have also entered into a strategic partnership, whereby CBRE and Turner & Townsend will establish a premier, global provider of program, project and cost management.

The agreement was announced in July 2021, and will allow Turner & Townsend to expand its business in the Americas, where CBRE has deep occupier and investor relationships and a leading market presence.

 

Turner & Townsend Valued at £1.6 Billion

 

Vincent Clancy, Chair and CEO of Turner & Townsend, will continue to run Turner & Townsend, alongside his current management team.  All services will continue to be delivered under the Turner & Townsend brand.

The 60 per cent stake is worth approximately £960 million ($1.3 billion) in cash, with 55 per cent paid upon closing. The transaction values Turner & Townsend at approximately £1.6 billion ($2.2 billion) and is expected to be immediately accretive to CBRE’s earnings.

“This is a very exciting step that advances CBRE’s diversification strategy across four dimensions – asset types, lines of business, clients and geographies,” said Bob Sulentic, CBRE's President and CEO.

“Public and private sector infrastructure investment and the drive to a low-carbon economy are fueling secular growth opportunities in project management. Turner & Townsend is by far the best firm to help us realize our ambitions for this business. Their first-rate brand and capabilities – when combined with our own – will enable both firms to best serve clients and capture the sizeable opportunities in the marketplace.”

“As asset classes evolve and the world transitions to net-zero, clients require even greater sector specialization and industry insight to drive value and unlock opportunities. CBRE and Turner & Townsend will meet this need by aligning our skillsets, providing access to a global talent pool of more than 16,000 program, project and cost managers as well as the industry’s largest repository of project performance data. The combination of our talented team, operational independence, global footprint and commitment to investment will deliver significant benefits for clients while providing a great place for our people to advance their careers,” said Vincent Clancy, chairman and chief executive officer of Turner & Townsend.

Turner & Townsend provides program management, cost consultancy, project management and advisory consulting services for clients in 46 countries. It operates across three business segments: real estate – serving investors and occupiers across all property types, including data centres and life-science properties; Infrastructure – notably, transportation, environmental and power generation projects, and natural resources – renewable energy, alternative fuels, liquified natural gas and other projects.

Picture: a photograph of Vincent Clancy

Article written by Ella Tansley | Published 02 November 2021

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