US giant now owns 70% of combined project management firm
CBRE Group has completed its plan to combine its project management business with Turner & Townsend (T&T).
The 76-year-old British consultancy firm has been a majority-owned subsidiary of the US real estate giant since a deal in November 2021, when the UK firm was valued at 拢1.6bn.
The move to join the two companies, which has seen CBRE become owner of 70% of the combined business, was announced last June.
As part of the new arrangement, Vincent Clancy, board chair and chief executive officer of Turner & Townsend and a 35-year veteran of the company, has joined CBRE鈥檚 board of directors.
Bob Sulentic, CBRE鈥檚 chair and chief executive, said: 鈥淥ur unified project management business represents an offering that is unmatched for its scale and breadth of capabilities.
鈥淯nder Vincent鈥檚 exemplary leadership, it is poised to benefit from powerful secular trends in areas like infrastructure, green energy transition and employee experience鈥�.
鈥淥ur board will benefit greatly from the insights Vincent has developed from running a highly successful global business and his deep knowledge of key growth sectors for CBRE鈥�.
>> Read more: T&T partners received 拢18m payout following CBRE deal
Clancy, who has twice been named 黑洞社区鈥檚 chief executive of the year, added that the 鈥渟trong momentum we鈥檝e built over the past three years will continue to grow now that we鈥檝e combined two great businesses鈥�.
鈥淥ur combined depth of talent and resources, global footprint, sector expertise and commitment to excellence is unparalleled in program and project management,鈥� he said.
鈥淚鈥檓 also energized to join CBRE鈥檚 Board and look forward to working with my fellow Directors as we build a resilient, highly diversified business that is second to none in our industry.鈥�
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