London, 13 May 2010 – CB Richard Ellis Group, Inc. (CBRE) today announced the acquisition of M3 Agency LLP (M3), a leading industrial and logistics real estate services specialist in the United Kingdom (UK). The acquisition of M3 represents a significant step in the development of CBRE’s industrial services offering in the UK and across Europe.
M3 is regarded as the leading industrial real estate advisory specialist in the UK, with offices in London, Birmingham and Sheffield. M3 advises global clients on the investment, funding, occupancy, leasing and development of industrial properties.
Martin Samworth, Managing Director, CBRE UK, said: “The acquisition of M3 builds on our leading position in the UK industrial agency and investment real estate services markets, and enables us to offer clients unparalleled insight into the sector. We continually seek opportunities to strengthen our presence in key service areas, so when the opportunity arose to acquire M3 we saw it as a very complementary fit for our UK business. The M3 team are respected specialists in the industrial market and we are looking forward to having them join CBRE.”
M3 was founded in 2000 by ex-Gerald Eve agents Richard Moffitt and Simon Milner. The 20-person M3 team will be fully integrated into CB Richard Ellis, and adopt the CBRE brand. M3 has advised some of the biggest names in the UK industrial market, including Goodman, Gazeley, Prologis, Legal and General, CBRE Investors, Standard Life, BA Pensions, Blackrock and F&C.
Richard Moffitt, Managing Partner, M3, said: “We are thrilled to be joining CB Richard Ellis. The company’s global platform, formidable client base and strength across all property sectors will bring new opportunities for us and allow us to further develop and grow our industrial business. To be part of the number one property advisory firm in the world will bring enormous benefits to our clients.”
The UK has been a dominant market in the industrial investment sector recently, accounting for more than half of the total industrial investment turnover in Europe in 2009. More specifically, the revival in European industrial and logistics investment in the latter part of 2009 was very heavily concentrated in the UK, accounting for 54% of European industrial transactions in the second half of the year. In an environment where investors are particularly focussed on quality and length of income as well as market depth, the UK continues to be particularly attractive.
About CB Richard Ellis
CB Richard Ellis 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 firm (in terms of 2009 revenue). The Company has approximately 29,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CB Richard Ellis 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. CB Richard Ellis has been named a BusinessWeek 50 “best in class” company for three years in a row. 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 M3 Agency LLP 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 successfully integrate the operations of M3 Agency LLP with the existing CB Richard Ellis operations in the UK and Europe, and the ability to leverage the combined platform to capture a larger share of the industrial real estate market in the UK, as well as other risks and uncertainties discussed in CB Richard Ellis’ 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, CB Richard Ellis 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 CB Richard Ellis 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 CB Richard Ellis’ 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, 2009 and its Quarterly Report on Form 10-Q for the quarter ended March 31, 2010. Such filings are available publicly and may be obtained off the Company's website at www.cbre.com or upon request from the CB Richard Ellis Investor Relations Department at email@example.com.