CBRE Completes Acquisition of Turner & Townsend: Unifying Project Management Expertise

CBRE Group, Inc. (NYSE:CBRE), a leading global commercial real estate services and investment firm, has completed its acquisition of a majority interest in and strategic partnership with Turner & Townsend, a global professional services company specializing in project management, cost consultancy, and program management. This strategic move unites two industry leaders, creating an unmatched offering in project management services with a global footprint and sector expertise.



Unmatched Scale and Breadth of Capabilities
The combined entity of CBRE Project Management and Turner & Townsend will have over 20,000 employees serving clients in over 60 countries, creating an offering that is unmatched for its scale and breadth of capabilities. This unique combination of resources and expertise enables the combined entity to best serve clients and capture sizeable opportunities in the marketplace.

Global Footprint and Sector Expertise
Turner & Townsend's global presence and sector expertise in real estate, infrastructure, and natural resources complement CBRE's extensive global Project Management resources. This alignment of skillsets and access to a global talent pool of over 16,000 program, project, and cost managers will enable the combined entity to provide clients with specialized services tailored to their unique needs, driving value and unlocking opportunities.

Strategic Partnership and Growth Catalysts
The strategic partnership between CBRE and Turner & Townsend establishes the premier, global provider of program, project, and cost management. This unique client offer will enable both firms to better serve clients and capture sizeable opportunities in the marketplace. The combined business is well-positioned to capitalize on growth opportunities in areas like infrastructure, green energy, and employee experience, with powerful secular trends fueling growth for the project management business.



Investment in Growth Areas
The combined business will be well-positioned to capitalize on growth opportunities in areas like infrastructure, green energy, and employee experience. These secular trends are expected to fuel growth for the project management business, with increased spending on infrastructure, green energy, and employee experience driving demand for specialized project management services.

Synergies and Revenue Growth
The integration of CBRE's and Turner & Townsend's services and expertise is expected to generate significant synergies in terms of revenue growth and cost savings. The combined business is expected to grow at a double-digit annual rate, with an approximately 15% net profit margin. The net synergies derived from bringing the two businesses together are expected to generate approximately $0.15 of incremental run-rate core EPS by the end of 2027, with growth expected to continue over time.

In conclusion, CBRE's acquisition of a majority interest in and strategic partnership with Turner & Townsend creates a powerful combination of global project management expertise, sector specialization, and a commitment to excellence. The combined entity is well-positioned to capitalize on growth opportunities in infrastructure, green energy, and employee experience, driving revenue growth and enhancing client services. With a unique client offer and a global talent pool, the combined business is poised to become the premier provider of program, project, and cost management services.