Real estate services firm CBRE Group has bought a 60% share in project and cost management consultancy Turner & Townsend for £960m.
Turner & Townsend will retain its existing leadership team and operational independence. Its partnership structure will also remain, with partners holding the remaining 40% ownership share.
Turner & Townsend operates in 46 countries across three business segments: real estate (62% of net revenue); infrastructure (31% of net revenue); and natural resources (7% of net revenue).
For the 12 months ended 30 April 2021, Turner & Townsend’s net revenue totalled £665m and adjusted EBITDA was £124m.
CBRE said the deal would lead to more opportunities for Turner & Townsend in the US, where CBRE already has investor relationships.
Vincent Clancy, chairman and chief executive officer of Turner & Townsend, said: “The combined partnership of CBRE and Turner & Townsend will create the premier global provider of programme, project and cost management from day one. Turner & Townsend will continue to offer independent advice, solutions and programme-level thinking across the real estate, infrastructure and natural resources sectors.
“Our global network means this applies everywhere in the world – we operate where our clients operate. The combination of unrivalled global footprint, sector expertise, commitment to investment and an incredible team of people will make CBRE and Turner & Townsend the go-to firms in our industry.”
Bob Sulentic, president and chief executive officer of CBRE, added: “This is a transformational transaction for our project management business in terms of both breadth and scale of capabilities. We see sizable secular growth opportunities in project management, which are being propelled by rising public and private infrastructure investment and the drive to a low-carbon global economy.
“Turner & Townsend is by far the best firm to help us realize our ambitions for this business. It is an exceptionally well-run company with a first-rate brand, enviable client base and expertise that complements our capabilities.”
