CBRE Acquires a 49 Percent Interest in RE Firm in Malaysia
CBRE Group, Inc. Enters into Agreement to Acquire a 49 Percent Interest in Leading Real Estate Services Firm in Malaysia
| May 18, 2016
C H Williams Talhar & Wong Malaysia (WTW) and CBRE will deliver a premier, full-service offering for clients across Malaysia.
CBRE Group, Inc. (NYSE:CBG) today announced that it has entered into an agreement to acquire a 49 percent interest in Malaysia’s leading real estate services provider, C H Williams Talhar & Wong Sdn Bhd, WTW Real Estate Sdn Bhd and WTW Property Services Sdn Bhd (“WTW”). The business will rebrand as CBRE | WTW and be led by Mr Foo Gee Jen and Mr Danny SK Yeo, the current leaders of WTW and highly respected real estate professionals in Malaysia. The transaction is expected to close during the second quarter of 2016.
Founded in 1960, WTW is a well-established, highly-regarded, full-service real estate firm in Malaysia. It provides valuation, market research, consultancy, estate agency, project marketing, corporate real estate and property management services from its 13 offices in Kuala Lumpur, Petaling Jaya, Penang, Johor Bahru, Kuantan, Malacca, Ipoh, Alor Setar, Kota Bahru, Butterworth, Batu Pahat, Kuala Terengganu and Seremban.
Steve Swerdlow, CEO CBRE Asia Pacific, said “CBRE | WTW, alongside our existing occupier outsourcing business in Malaysia, will provide a deep, broad platform that provides clients with access to a comprehensive suite of market-leading real estate services. CBRE | WTW creates powerful advantages for clients of both firms, combining WTW’s valuation, agency and capital markets expertise with CBRE’s full service offering.”
CBRE’s occupier outsourcing business - called Global Workplace Solutions - serves a blue-chip list of occupiers across a wide range of industries, particularly financial services, healthcare, industrial/manufacturing, life sciences, technology and telecommunications. CBRE manages a market-leading 5.2 billion square feet of commercial property and corporate facilities across the globe.
Mohd Talhar Abdul Rahman, Non-Executive Chairman, C H Williams Talhar & Wong said, “WTW’s long-standing success over the last 55 years is a testament to the trust and support of our clients and to the dedication and commitment of our people in serving and fulfilling that trust. We are confident that CBRE is the right strategic partner whose scale and reach globally can help our clients expand their activities beyond our shores more fruitfully, and can help bring greater meaningful inbound investment into the Malaysian real estate market.”
Malaysia - like the rest of South East Asia - is well positioned to benefit from the well-directed increase in economic and investment activities that are expected from the liberalisation of capital inflows into the Asean Economic Community (AEC). This expectation is based on the region’s prospects for long-range growth potential and its correspondingly higher investment appeal. The Malaysian Economic Transformation Programme (METP), which is expected to generate US$400 billion in investments by 2020, will help to catalyze that growth for Malaysia.
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 and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 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 parts of the statements in this release regarding the acquisition of a 49 percent interest in C H Williams Talhar & Wong Sdn Bhd, WTW Real Estate Sdn Bhd and WTW Property Services Sdn Bhd (“WTW”) 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, CBRE’s ability to successfully consummate the transaction (and the timing thereof) and integrate WTW with its existing operations in Southeast Asia and across Asia Pacific, 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 CBRE’s SEC filings, including its first quarter earnings report on Form 8-K, its Quarterly Report on Form 10-Q for the quarter ended March 31, 2016, and its Annual Report on Form 10-K for the fiscal year ended December 31, 2015. Such filings are available publicly and may be obtained off CBRE's website at www.cbre.com or upon request from the CBRE Investor Relations Department at email@example.com.