LOS ANGELES--(BUSINESS WIRE)--CBRE Group, Inc. (NYSE:CBG) today announced that it has acquired Geico Lender S.p.A (Geico Lender), a leading building technical engineering services provider in Italy.
Geico Lender will operate as part of CBRE’s Global Workplace Solutions (GWS) business in Italy and adds extensive specialist technical services capabilities to the integrated suite of services for occupier clients throughout Italy.
Founded in 1989, Geico Lender employs more than 300 staff members operating from six locations across Italy. The company provides a broad range of services focused on the maintenance and installation of HVAC, building automation and other technological systems for financial institutions and other private sector companies.
Ian Entwisle, CEO of CBRE GWS EMEA, said: “This acquisition adds extensive and complementary market-leading facilities management expertise to our existing GWS platform. Furthermore, it provides a strong platform from which to continue to build our facilities management capabilities in Italy and across Europe as a vital part of integrated occupier services for our clients. There is a growing trend amongst Italian corporations to outsource technical services and now with the expertise of Geico Lender within CBRE, we are in an even stronger position to deliver exceptional outcomes for our clients.”
Clemente Cilli, CEO and Founder of Geico Lender, said: “CBRE’s global footprint and broad occupier service offering is a critical factor which will enable us to deliver more advantages to our clients. We believe CBRE is the right cultural fit for us and importantly, we share a common ambition to continue to build and expand the business and to ensure we deliver world-class service to our clients.”
The Geico Lender acquisition complements the integration of both the Norland Managed Services business in the United Kingdom, acquired by CBRE in December 2013, and the facilities management business of Johnson Controls Incorporated, acquired by CBRE in September 2015, which added significant resources and capabilities in continental Europe.
Geico Lender was advised by EY as a financial advisor with a team composed of Gianni Panconi and Orazio Bocchieri and by the Lawyers Giuseppe Coco from Studio Legale Ughi e Nunziante and Dimitri Guarino.
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 (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
Forward-Looking Statements
Certain of the statements in this release regarding the acquisition of Geico Lender S.p.A. (Geico Lender), 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. Forward-looking statements are made based on our management’s expectations and beliefs concerning future events affecting us and are subject to uncertainties and factors relating to our operations and business environment, all of which are difficult to predict and many of which are beyond our control. Accordingly, actual performance, results and events may vary materially from those indicated in forward-looking statements, and you should not rely on forward-looking statements as predictions of future performance, results or events. Numerous factors could cause actual future performance, results and events to differ materially from those indicated in forward-looking statements, including, but not limited to, our ability to successfully integrate Geico Lender with our existing Global Workplace Solutions operations in Italy and in EMEA, as well as other risks and uncertainties discussed in our filings with the U.S. Securities and Exchange Commission (SEC). Any forward-looking statements speak only as of the date of this release. We assume no obligation to update forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information, except to the extent required by applicable securities laws. If we do update one or more forward-looking statements, no inference should be drawn that we 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 other risks and uncertainties to our business in general, please refer to our SEC filings, including our Form 10-K for the fiscal year ended December 31, 2016 and our Form 10-Q for the quarter ended September 30, 2017. Such filings are available publicly and may be obtained from our website at www.cbre.com or upon request from the CBRE Investor Relations Department at investorrelations@cbre.com.
