London, June 22, 2011 – CB Richard Ellis Group, Inc. (NYSE:CBG) today announced that it has been selected by PRUPIM, a leading global real estate investment management firm, to provide property management and accounting services for its approximately 45 million sq. ft. U.K. property portfolio. The agreement represents one of the largest outsourcing contracts for property management services ever in EMEA/UK.
PRUPIM, the real estate investment arm of M&G Investments, owns approximately 800 properties in the U.K. valued at more than US$19 billion.
“The outsourcing move is in line with our strategy of focusing on our core capability as a global property fund manager, and will allow us to continue to grow our range of institutional and retail fund management clients and mandates in the UK and globally,” said PRUPIM Managing Director Martin Moore. “We have made the best possible choice of a partner for this project. CB Richard Ellis is a world-class organization with the experience and scale to ensure that our property management and accounting services remain of the highest standard.”
PRUPIM will transfer 85 property management and accounting employees to CB Richard Ellis on July 1, 2011. The firm’s fund and asset management professionals will remain with PRUPIM.
PRUPIM is a top 20 global real estate investment management firm with approximately US$26 billion invested in Europe, North America and the Asia Pacific region. M&G Investments is the investment arm of Prudential plc in the UK and Europe.
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 Web site at www.cbre.com.