LOS ANGELES--(BUSINESS WIRE)--CBRE Group, Inc. (NYSE: CBG) today announced that it has entered into a definitive agreement to acquire Preuss Gesellschaft mbH and its subsidiaries (“Preuss”). Preuss was founded in 2003 by Dr. Norbert Preuss and provides market-leading project management services in Germany.
Preuss primarily focuses on project management of new real estate development and refurbishment of large properties. Preuss’s clients include leading real estate investors and major occupiers across all sectors of the German economy. Its team of approximately 100 professionals, including architects, civil engineers and HVAC engineers, operate out of offices in Munich, Berlin, Frankfurt and Dusseldorf.
Preuss is CBRE’s second acquisition in Germany in 2014, following its February purchase of VALTEQ Gesellschaft mbH, a real estate technical consulting firm.
Michael Strong, CBRE’s Executive Chairman of Europe, Middle East and Africa, said, “We are committed to providing our clients with the most comprehensive range of services from best-in-class advisors across the whole of the EMEA region. The acquisition of Preuss, when paired with our recent acquisition of VALTEQ, significantly strengthens our building consultancy offering for our clients in this important market.”
Peter Schreppel, Chief Executive of CBRE Germany, added, “This acquisition adds an extra dimension to our current client offering and underlines our ambitious growth plans for CBRE Germany. Norbert and his team are a great addition to our company. They are very similar to us, both culturally and operationally, and we are delighted to welcome them to CBRE.”
Dr. Norbert Preuss, Chief Executive of Preuss, commented, “By joining CBRE, we will be creating one of Germany’s market-leading building consultancy and project management teams. In addition, CBRE has over 2,700 building consultancy specialists worldwide; combining our team with theirs and gaining the ability to call on CBRE’s many other areas of expertise, creates an opportunity that is incredibly beneficial to both our clients and our colleagues.”
The acquisition is expected to close by the end of the third quarter 2014 and is subject to German regulatory approval.
About Preuss Gesellschaft mbH
Preuss Gesellschaft mbH, founded in 2003 by Dr. Norbert Preuss, has its core competence in project management services for commercial and residential real estate projects. The firm provides consulting services to both real estate investors and occupiers. Preuss has approximately 100 professionals and has offices in Munich, Frankfurt, Dusseldorf and Berlin. Please visit its website at www.Preuss-pm.de.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
“Safe Harbor” Statement Under the U.S. Private Securities Litigation Reform Act of 1995
Certain of the statements in this release regarding the acquisition of Preuss that do not concern purely historical data are forward-looking statements within the meaning of the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements involve risks and uncertainties, including, but not limited to, the ability of the parties to secure regulatory approval from the German government to close the transaction, and upon closing, to successfully integrate the Preuss operations with CBRE’s existing project management and building consulting services in Germany and across EMEA, as well as other risks and uncertainties discussed in CBRE’s filings with the U.S. Securities and Exchange Commission (SEC). Any forward-looking statements speak only as of the date of this release and, except to the extent required by applicable securities laws, CBRE expressly disclaims any obligation to update or revise any of them to reflect actual results, any changes in expectations or any change in events. If CBRE does update one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements. For additional information concerning factors that may cause actual results to differ from those anticipated in the forward-looking statements, and risks to CBRE’s business in general, please refer to the Company’s SEC filings, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2013 and its Quarterly Report on Form 10-Q for the quarter ended March 31, 2014. Such filings are available publicly and may be obtained off the Company's website at www.cbre.com or upon request from the CBRE Investor Relations Department at email@example.com.