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- CBRE Group (NYSE:CBRE) said on Monday that the commercial real estate services and investment company plans to combine its project management business with the unit Turner & Townsend.
- Turner & Townsend provides program management, cost consultancy and project management services.
- CBRE is set to own 70% of the combined entity, while the Turner & Townsend partners will hold the remaining 30%.
- The combined business will be led by Turner & Townsend CEO Vincent Clancy, but the CEO will report to a board controlled by CBRE.
- The CBRE board intends to add Clancy as a director upon the closing of the transaction.
- The company’s project management business, including Turner & Townsend, produced net revenue of ~$3B in 2023.
- CBRE is expected to report project management results in a new segment, separate from Global Workplace Solutions, from 2025.
- The transaction is expected to close around 2024-end.
- Source: Press Release