Los Angeles real estate company CBRE Group Inc. announced its second German acquisition of the year on Friday.
The Los Angeles real estate company company announced it would buy Preuss Gesellschaft, a project management firm founded in 2003. Preuss specializes in new projects and the refurbishments of large developments. The German firm has offices in Munich, Berlin, Frankfort and Dusseldorf and has about 100 employees. The purchase price was not disclosed.
CBRE acquired Valteq Gesellschaft, a Berlin-based real estate consultancy, earlier this year.
The Preuss deal is expected to close in the third quarter of this year subject to approval by Germany’s government.
Shares of CBRE Group fell 8 cents in Friday’s trading to close at $32.55 on the NYSE.