CBRE Invests in European ExpansionFriday, June 14, 2013
CBRE Group Inc. on Friday said it has acquired full ownership of Sogesmaint-CBRE, a property and asset management specialist primarily operating in Belgium.
The Los Angeles commercial real estate firm had acquired a minority interest in the Brussels operation in 2006. Sogesmaint-CBRE manages 90 properties in Belgium and also offers project management and leasing services elsewhere in Europe. Sogesmaint’s team will become part of CBRE’s property and asset management practice for Europe, Middle East and Africa.
CBRE, has been increasing its presence in Europe, and recently acquired two Central European property management firms and a shopping center specialist in the Netherlands.
Shares closed down 25 cents, or 1 percent, to $22.67 on the New York Stock Exchange.