London, 10 June 2011 – CB Richard Ellis Group, Inc. (CBRE) today announced the acquisition of Euro Mall Centre Management (EMCM), a company specialising in the management of shopping centres and malls across Central and Eastern Europe (CEE), extending CBRE’s offering to clients and its leadership in the European retail sector.
Founded in 2002, EMCM offers property and asset management services across five key CEE countries – the Czech Republic, Slovakia, Poland, Latvia and Lithuania – for clients including INVESCO, ING Real Estate Investment Management and Carpathian Asset Management. EMCM has around 200 employees and manages over 40 properties region-wide, covering more than 658,000 sq m with over 2,400 tenants.
This transaction follows CBRE’s recent acquisition of its Swiss affiliate, CBRE-PI Performance, and builds upon its strategy of continually enhancing the depth and breadth of its operations across Europe to improve services for clients.
Mike Strong, Chairman & CEO of CBRE in Europe, Middle East and Africa (EMEA), said: “We are continually enhancing the retail solutions we offer to clients across EMEA, with our established local market expertise linking to our wider global network in both traditional and emerging retail destinations. This acquisition is consistent with our strategy of bringing on board respected, top quality companies to support our core business areas. EMCM is an exceptionally successful specialist firm and is regarded as CEE’s leading shopping centre manager, which will greatly complement our existing operations and further strengthen our ability to advise investors, occupiers and developers in these growing markets.”
Jørn Elkjær-Holm, CEO of EMCM, added: “In the nine years since we founded EMCM, our company has grown significantly and joining CB Richard Ellis opens up a unique opportunity for us to become part of a first-class operation. CBRE’s global platform will enable us to provide the local expertise we’ve become known for to international developers and investors seeking to enter the CEE market, and also to international retailers looking to secure brand presence in the region’s key cities.”
Despite the economic slowdown, high quality retail real estate in CEE has continued to attract strong interest from investors. Renewed demand from expanding international retailers has increased the requirement for active property and asset management expertise in the region and the need for a strong platform to deliver quality advice.
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 Euro Mall Centre Management (EMCM) 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 EMCM with the existing CB Richard Ellis operations in Central and Eastern Europe, and the ability to leverage the combined platform to capture a larger share of the retail property management market in Europe, 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.