Press Release

CBRE Enters into Definitive Agreement to Acquire Bovis Spain and Portugal, a Leading Regional Project Management Firm

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CBRE Group, Inc today announced that it has entered into a definitive agreement to acquire Bovis Spain and Portugal, a leading regional project management and consultancy firm serving clients across multiple sectors. The acquisition is subject to customary regulatory approval in Spain and is expected to be finalised in Q4 2021.

On completion, Bovis will be integrated with CBRE’s Iberia Project Management division. Javier Martínez, National Director of Project Management at CBRE Spain, will become Chairman of this new division and Alberto de Frutos, the current Managing Director of Bovis, will become Managing Director.

Both firms have collaborated on a number of strategic projects over the past year. This new union will combine Bovis’ market-leading position in Project Management for investors and CBRE’s expertise in Project Management for occupiers. When the transaction is completed these complementary strengths will be brought together to offer our clients a full suite of services and solutions across the entire real estate life cycle. CBRE will gain greater access to sectors in which Bovis has extensive experience such as the healthcare, sports, pharmaceutical, data centres and the industrial sector, while also further strengthening its capabilities in offices, retail, hotels and residential. Bovis has overseen highly acclaimed projects such as the ongoing refurbishment of the Santiago Bernabéu stadium, Santander's Centro Botín, Repsol's headquarters, the Mandarín Oriental Hotel and the Puerta del Hierro Hospital.

Adolfo Ramírez-Escudero, CEO CBRE Spain said: “We look forward to working with our future colleagues from Bovis to transform assets that can be adapted to a variety of uses and meet ever more ambitious energy and sustainability standards for both occupiers and investors.”

Alberto de Frutos, Managing Director of Bovis, added: "This union with CBRE is a giant step forward for Bovis and will provide new opportunities both for our clients and our employees. When the transaction is completed, we will join forces to strengthen our joint offering and deliver exceptional outcomes and solutions for our clients across key sectors."

About Bovis Spain
Bovis Spain began operating in 1989 and since then has gone on to consolidate its position as a leading Project Management firm in Spain. Over the past 40 years it has managed close to 250 projects, including the construction of some of Spain’s most iconic buildings.


Forward-Looking Statements
Certain of the statements in this release regarding the planned acquisition of Bovis Spain and Portugal 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. Forward-looking statements are made based on our management’s expectations and beliefs concerning future events affecting us and are subject to uncertainties and factors relating to our operations and business environment, all of which are difficult to predict and many of which are beyond our control. Accordingly, actual performance, results and events may vary materially from those indicated in forward-looking statements, and you should not rely on forward-looking statements as predictions of future performance, results or events. Numerous factors could cause actual future performance, results and events to differ materially from those indicated in forward-looking statements, including, but not limited to, the ability to integrate the Bovis Spain and Portugal people and operations with CBRE’s existing business in these countries and regulatory approval from the Spanish government as well as other risks and uncertainties discussed in our filings with the U.S. Securities and Exchange Commission (SEC). Any forward-looking statements speak only as of the date of this release. We assume no obligation to update forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information, except to the extent required by applicable securities laws. If we do update one or more forward-looking statements, no inference should be drawn that we 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 other risks and uncertainties to our business in general, please refer to our SEC filings, including our Form 10-K for the fiscal year ended December 31, 2020 and Form 10-Q for the quarter ended June 30, 2021. Such filings are available publicly and may be obtained from our website at www.cbre.com or upon request from the CBRE Investor Relations Department at [email protected]

About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.