Prime Highlights
- CBRE completed the integration of its project management business with Turner & Townsend to strengthen global operations.
- Vincent Clancy joined CBRE’s Board of Directors following the completion of the business combination.
Key Facts
- CBRE Group is a global real estate services and investment company.
- Turner & Townsend’s revenue has grown at a compound annual rate of more than 20 percent since becoming a majority-owned CBRE subsidiary in 2021.
Background
CBRE Group has completed its merger with Turner & Townsend, with the firm’s board chair and chief executive Vincent Clancy joining CBRE’s Board of Directors as the company expands its project and programme management services worldwide.
The merger joins the strengths of both companies across project management, programme delivery and cost consultancy under one platform. Rising investment across infrastructure, clean energy and workplace development opens up fresh opportunities for CBRE, which says its broader structure is well equipped to handle this demand.
CBRE first took a majority stake in Turner & Townsend in late 2021 and now owns 70 percent of the merged business. The company noted that Turner & Townsend has grown strongly in recent years, with annual revenue rising by more than 20 percent on average.
CBRE chief executive Bob Sulentic said the combined business has strong scale and expertise across many sectors. He added that Clancy’s industry knowledge and experience in fast-growing markets would be a useful addition to the leadership team.
Clancy said the combined platform would support future growth through wider expertise, a broad global reach and shared resources.
To give investors better visibility, CBRE will report its project management operations as a dedicated business segment going forward. The completed integration marks a significant step for CBRE as it looks to cement its standing in the global project management industry.
