CB Richard Ellis appoints new Managing Director in Poland

Warsaw – December 8, 2008 – CB Richard Ellis Group, Inc. (CBRE) today announced that Charles Wardroper has been appointed managing director of its business in Poland. Mr Wardroper was previously a regional managing director for CBRE UK where he headed up the UK North East region. He replaces Nigel Wade who, after 8 successful years, is leaving the company.

Mr Wardroper brings over 20 years of commercial property experience to CBRE Poland, including 7 years at CBRE.

For the past two years he has headed up the company’s UK North East regional business, significantly improving market share and establishing CBRE as the number one office leasing agent in the city of Leeds. Previous roles have included a number of senior positions in office agency teams at both CBRE and other market competitors.

CB Richard Ellis Poland has experienced rapid growth since establishing its first office in Warsaw in 2000. Today, the company is recognised as a leader in its field and with over 100 advisors providing transaction and consultancy real estate services across the country. Despite the slowing market, in Quarter 3 2008 the company advised on several significant transactions including, the disposal of GE Real Estate’s 37,000 sq m “3 Stawy” Shopping Centre for €95 million to Union Investment Real Estate AG.

In his new role Mr Wardroper will focus on continuing to build the Polish business, further expanding its service capability and growing market share across the country.

Andreas Ridder, CEE Chairman at CBRE said: “Charles’ experience of the more mature UK real estate sector will be invaluable to clients as the Polish market continues to develop. The positive impact of European Union membership, coupled with preparations for the Euro 2012 football championships has attracted high levels of investment in Poland over recent years. Although signs of the global financial and economic slowdown are now evident, business conditions remain relatively favourable. As a result, while growth rates will slow, we expect to see continued appetite from foreign investors and occupiers looking to expand their business interests across the country.”

Charles Wardroper, Managing Director of CBRE Poland, said: “Having enjoyed many years working with CBRE in the UK, I am delighted to be joining such a strong team in Poland at this pivotal time for clients. Deteriorating economic conditions inevitably represent challenges for real estate owners and occupiers but, with the right advice, they can also represent opportunity.”

“Poland’s economy is expected to slow but remain relatively healthy in 2009 and the benefits of ongoing infrastructure investments, including better roads and rail links will also become more apparent. CB Richard Ellis’ full service capability and geographic spread, including offices in Warsaw, Poznan, Wroclaw, Krakow, means we are exceptionally well positioned to help clients to take advantage of these developments and implement real estate strategies that satisfy both their immediate and longer term business needs,” he continued.