Hong Kong, September 24, 2012 – CBRE Group, Inc. (NYSE:CBG) today announced that it has acquired its affiliate company in Vietnam, CB Richard Ellis (Vietnam) Co., Ltd. (“CBRE Vietnam”). The acquisition strengthens the Company’s Asia Pacific platform, and particularly its ability to offer fully integrated services in the rapidly growing Southeast Asia region.
A CBRE affiliate for nearly 10 years, CBRE Vietnam is a leading service provider in that country, with a leading market share across most service lines. It offers a wide range of services, including property sales, office and retail leasing, occupier advisory services, residential project marketing, property and facilities management, project management, consulting, research and valuation.
Marc Townsend, Managing Director, and Richard Leech, Executive Director, will continue to lead the operations in Vietnam following the acquisition. Mr. Townsend and Mr. Leech have jointly managed the Vietnam affiliate since its founding in 2003. CBRE Vietnam has a staff of more than 160 people and serves clients from offices in Ho Chi Minh City, Da Nang and Hanoi.
“We are very excited to be aligning more closely with the CBRE platform,” said Mr. Townsend. “While we have been serving international investors and occupiers in Vietnam for years, we will now have more resources to enhance and expand our service offering, and further tap into CBRE’s premier global network.”
Rob Blain, chairman and CEO of CBRE Asia Pacific, said: “Although current market conditions are challenging in Vietnam, we believe the country has strong long-term growth potential as a low-cost business hub, particularly as its market-based economy matures. CBRE Vietnam will be a key pillar in our service delivery platform in the emerging economies across Southeast Asia. These operations complement our market-leading position in Singapore, China and elsewhere in the region. We are extremely pleased that Marc, Richard and their entire team have chosen to join with us to build our future in Southeast Asia.”
About CBRE Group, Inc.
CBRE 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 2011 revenue). The Company has approximately 34,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE 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 Vietnam 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 our ability to successfully integrate CBRE Vietnam with our existing Asia Pacific operations,, our ability to leverage the combined platform to grow market share in Vietnam and across Southeast Asia, and risks unique to emerging markets characterized by heavy government involvement in the economy, as well as other risks and uncertainties discussed in CBRE’s 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, CBRE 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 CBRE 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 CBRE’s 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, 2011 and its Quarterly Report on Form 10-Q for the quarter ended June 30, 2012. Such filings are available publicly and may be obtained off the Company's website at www.cbre.com or upon request from the CBRE Investor Relations Department at email@example.com.