London, 9 September 2011 – CB Richard Ellis Group,
Inc. (CBRE) today announced the acquisition of Michael Peddar & Company, a
UK-based retail property specialist, focusing on the luxury goods and lifestyle
sectors.
Established in 1984, Michael Peddar & Company is a leading UK
property advisor for retail brands. The company has worked with major retailers
from the United States, Italy, France and Japan, among others, advising on their
launch and expansion strategies in Central London and other major UK centres. It
introduced GAP Inc. to the UK market in 1985 and continues to advise the
retailer on its European strategy. The company also has long-term relationships
with some of the world’s top international retail brands, including Prada, DKNY,
LK Bennett, Space NK, Mulberry, Michael Kors, and Armani, as well as advising
Chanel, Mappin & Webb, Watches of Switzerland, Cath Kidston, Reiss, and
Links of London.
Ciaran Bird, Head of UK Retail, CB Richard Ellis, said: “This
acquisition adds further depth to CBRE’s full-service retail offering and will
enhance our central London and regional retail platforms with their
specialisation as a retail advisor for luxury goods and lifestyle brands.
This will complement some of the excellent work we are already undertaking in
all the major UK retail destinations. As global retailers continue to use London
as a springboard into Europe, their relationships with some of the world’s top
retailers, market insight, and client-focused approach make them an ideal fit
with our retail team.”
Mike Strong, Chairman & CEO - EMEA, CB Richard Ellis, said: “The
purchase of Michael Peddar & Company fits with the clear strategy of
expanding our retail platform with quality acquisitions that enhance our already
market leading position. This exciting addition to the team reflects our ongoing
commitment to constantly improving the business and ensuring that we offer
clients the best possible service and advice. The move will create new
opportunities in a highly competitive market, extending our international retail
platform and enhancing our diverse client base.”
The transaction follows other strategic acquisitions in the retail
arena. In June, CBRE purchased Euro Mall Centre Management, a
substantial retail property manager in Central and Eastern Europe. This followed
the acquisition of Espansione Commerciale, the market leader in shopping centre
leasing and property management in Italy, in late 2008.
Eric Eastman, Director, Michael Peddar & Company, commented: “After
developing our business for more than 25 years, joining forces with CBRE will
give us and our clients access to an unrivalled global platform and a suite of
leading property services which complement our existing operations. This will
allow us to service our international clients better and support our UK clients
in their ambitions to expand in Europe, the US and Asia. This integration makes
perfect sense for both our firm and CBRE.”
Follow us on Twitter: @CBRE_UK_News
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 Michael Peddar & Company 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 Michael Peddar & Company with the
existing CB Richard Ellis operations in the United Kingdom, and the ability to
leverage the combined platform to capture a larger share of the retail property
advisory market, 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 June 30, 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
investorrelations@cbre.com.