05
July
2006
|
00:00
Europe/London

CB Richard Ellis strengthens European Property Management capabilities with acquisition of CPMS in France

Paris, July 2006 - CB Richard Ellis Group, Inc. (“CBRE”) today announced that it has acquired Paris-based CPMS (Corporate Property Management Services), a leading property management firm in France. The acquisition is part of CBRE’s strategy to expand its property management operations across Europe.

Established in 1986, CPMS has a blue-chip international client base, including AIG, Morgan Stanley, DB Real Estate, DEKA, GE Capital, Curzon, Kanam, and many other major real estate investors.

CPMS employs a staff of 65 professionals primarily engaged in property management and corporate facilities management services, and manages more than 10.5 million square feet of space in France.

The acquisition of CPMS brings CB Richard Ellis’ property management staff to 80 professionals in France and its total property management portfolio in France to approximately 14 million sqare feet.

In March 2006, CBRE combined its Belgian property management operations with Sogesmaint, Belgium’s largest property management firm.

Mike Strong, CB Richard Ellis, EMEA President said, "Property management is a vitally important part of our European business, and the acquisition of CPMS is part of our continuing strategy to develop a full service offering to clients across the region. CPMS will complement our existing teams in Belgium, Holland, Spain, Italy, the UK, and in Central and Eastern Europe, where we have invested to provide an exceptional property management service to our clients."

Maurice Gauchot, President, CB Richard Ellis France, said, “With this acquisition, CB Richard Ellis France will be established as a leader in property management. Our clients will benefit enormously from the synergies that will be created by uniting our firms’ people, resources and capabilities. CPMS is a dynamic firm with highly talented professionals and an excellent client roster.”

Richard Wrigley, President, CPMS, said, “I am very excited about heading up CBRE’s Property Management team in France. We are now in a position to provide truly pan-European solutions to our clients, who are increasingly demanding international coverage. The strength of our combin