London, 6 June 2011 – CB Richard Ellis Group, Inc. (CBRE) today announced that it has acquired CBRE-PI Performance, its affiliate company in Switzerland, responding to increased demand from clients targeting opportunities in that country.
Founded in 1997, CBRE-PI Performance is the only full-service commercial real estate advisory firm in Switzerland and has been CBRE’s affiliate in that country since 2004. CBRE-PI employs 33 professionals in Geneva and Zurich, the country’s two largest economic hubs, and is one of the few real estate services companies with a presence in both the German and French speaking parts of Switzerland.
CBRE-PI Performance provides a broad range of key services, including Transaction Management, Project Management, Corporate Real Estate Services, Financing and Investment Advisory, Valuation and Project Development. In addition, CBRE-PI Performance has extensive experience in Hotel and Leisure services. It provides real estate services to prestigious international clients including Nestlé and Rothschild Private Bank as well as public authorities, private investors and developers.
Mike Strong, Chairman & CEO of CBRE in Europe, Middle East and Africa (EMEA), said: “This acquisition consolidates our presence in a market where service provision is highly fragmented and often confined to specialist areas. Combining our firms will supply the Swiss market with a strong full-service provider and give us the opportunity to enhance our service offering for clients, many of whom are targeting Switzerland for growth.”
“CBRE-PI Performance is a diverse and leading business which closely reflects our own focus on offering clients a full suite of services to satisfy their real estate requirements. This vision, and their expertise, first motivated us to partner with them in 2004. Since then we have had an exceptionally strong relationship and are delighted to formally welcome them to CBRE.”
Jean Golinelli, Managing Director, CBRE-PI Performance, added: “We are thrilled to be officially joining CB Richard Ellis. Our original partnership afforded us access to the Group’s substantial global platform, formidable client base and strength across all property sectors. This move will reinforce and increase our own clients’ access to this unique network as well as enable us to enhance the services we offer them. We look forward to further building on the successes of the past few years, growing our offering to clients and consolidating our leading position in Switzerland.”
Switzerland is a strategic hub for many industries including:
• Life sciences (pharmaceutical & medical technologies);
• Financial services;
• Machinery, electrical engineering and metals industry; and
• Commodities trading.
More than 6,500 foreign companies are active in Switzerland today, of which over 1,000 are regional or global headquarters. In addition, more than 180 company headquarters have relocated their worldwide or European activities to Switzerland in the last 10 years. Among them are 89 Forbes Global 2000 companies, such as IBM, General Motors, Kraft Foods, Phillip Morris, Procter & Gamble, Dow Chemicals, Amgen, Baxter, DuPont, Nissan and Google.
The diversified nature of Switzerland’s economy and its attractiveness to international occupiers has driven the growth of the commercial real estate market there. Coupled with recent legislative changes which have enticed international real estate investors to the Swiss market, demand for expert advisory services has grown significantly.
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 2010 revenue). The Company has approximately 31,000 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. 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 CBRE-PI Performance 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 CBRE-PI Performance with the existing CB Richard Ellis operations in continental Europe, and the ability to leverage the combined platform to capture a larger share of the real estate market in Switzerland, 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, 2010 and its Quarterly Report on Form 10-Q for the quarter ended March 31, 2011. 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 firstname.lastname@example.org.