CBRE Expands in Eastern EuropeTuesday, March 19, 2013
CBRE Group Inc. on Tuesday said that it has acquired Impact-Corti, which provides property management services in the Czech Republic and Slovakia.
The Los Angeles commercial real estate company did not disclose terms of the deal. Impact-Corti is based in Prague and has 6 million square feet of space under management across 140 properties, including the home of the Prague Stock Exchange. Impact-Corti has annual revenue of about $10 million.
“Impact-Corti is renowned in the Czech Republic for its expert property management and project management practices,” Andreas Ridder, CBRE’s chairman for Central and Eastern Europe, said in a statement. “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.”
Impact-Corti’s 160 employees will join CBRE’s European Property and Asset Management practice.
The deal marks the company’s second recent European acquisition. In November, it acquitted EA Shaw, a commercial and residential property partnership targeting the central London market.
CBRE shares closed down 72 cents, or nearly 3 percent, to $24.47 on the New York Stock Exchange.