CBRE GROUP, INC. ACQUIRES IMPACT-CORTI
Acquisition of Property Management Specialist Expands CBRE's Capabilities in Central Europe
CBRE Group, Inc. (NYSE: CBG), a leading global commercial real estate services and investment firm, today announced the acquisition of IMPACT-CORTI a.s., a firm specialising in property management in the Czech Republic and Slovakia.
With six million sq ft (557,000 sq m) under management across 140 assets and current annual revenue of approximately $10 million, IMPACT-CORTI is the leading property manager in the Czech Republic and Slovakia. The company is particularly known for its expertise in the office sector but also has a portfolio of residential and industrial assets under management. In addition, IMPACT-CORTI provides project management, investment, leasing and consultancy expertise to its institutional and private-investor clients, such as Deka, Axa REIM, Pramerica and Hampshire Investments. In the Czech capital of Prague, IMPACT-CORTI manages notable buildings including The GEMINI Business Center, LIGHTHOUSE Waterfront Towers and the Burzovni Palac, the home of the Prague Stock Exchange.
IMPACT-CORTI’s team of 160 professionals will join CBRE’s well-established Property and Asset Management practice in Europe. In response to client demand, CBRE has particularly focused on the growth of these services in Central and Eastern Europe (CEE), underlined by its acquisition of Euro Mall Center Management, a CEE shopping centre management specialist, in mid-2011.
Michael Strong, Executive Chairman of Europe, Middle East and Africa, CBRE, said:
“Providing expert and integrated transactional and real estate management capabilities is becoming increasingly important to our regional and global client base. The acquisition of IMPACT-CORTI complements our existing property management offer and will allow us to further extend this important service across the region to meet growing demand.”
Andreas Ridder, Chairman, Central and Eastern Europe, CBRE, added:
“IMPACT-CORTI is renowned in the Czech Republic for its expert property management and project management practices. By adding their expertise and reach to our own growing capabilities, we are increasing the scope of the services we can provide to clients across the region.”
Jürg Zwahlen, Chairman of the Board, IMPACT-CORTI, commented:
“By joining CBRE, we are creating a huge opportunity for both our clients and our colleagues. As part of one of the most integrated and respected commercial real estate advisory companies in the world, we will be able to better collaborate to deliver market insight and strategic advice to clients across the region, addressing a requirement that is not yet fulfilled in the market.”