CBRE Acquires PSM Center Management To Expand Retail Real Estate Capabilities In Switzerland
CBRE today announced that it has acquired PSM Center Management AG, a shopping center management, leasing and consulting company in Switzerland.
Based in Zurich, PSM manages a portfolio of 11 shopping centers, totaling 133,000 square meters (1.4 million sq. ft.) on behalf of institutional clients and private investors. Established in 2003, PSM also provides retail leasing and consulting services, including concept advisory and shopping center due diligence.
CBRE operates the leading shopping center management business in Europe, with a portfolio of over 200 centers totaling more than five million square meters (54 million sq. ft.). CBRE also provides a full range of retail real estate services including investment sales, property and asset management, valuation, leasing, financing, facilities management and research/consulting expertise.
Michael Strong, CBRE’s Executive Chairman of Europe, Middle East and Africa, said:
“Our acquisition of PSM complements our strategy by allowing us to offer our retail clients a full range of strategic advice and implementation services that are unique in the Swiss market.
“The retail property sector is going through a period of rapid change. The growth of e-commerce and an increasingly sophisticated consumer base mean that retail investors and landlords have to work harder than ever to ensure the competitiveness of their assets. At CBRE, we continue to enhance our industry-leading retail capability, which enables us to identify and execute the best strategies for individual assets or entire portfolios, and PSM fits perfectly with our plans in Switzerland.”
Jean Golinelli, CEO, CBRE Switzerland, added:
“The acquisition of PSM is an exciting step in our efforts to continually improve our client offering and underscores our ambitious growth plans for our business. We are now the only international real estate services firm offering a full range of retail real estate services in Switzerland. As the market continues to evolve, this capability will enable us to leverage our well rounded expertise for the benefit of retail investors and occupiers in Switzerland.”
Philipp Strebel, CEO, PSM Center Management, commented:
“Our clients will benefit greatly from combining our leading platform and track record with CBRE’s broad reach and strength across all property sectors. As part of one of the world’s most integrated and respected commercial real estate services firms, we will be able to deliver more strategic advice, services and market insight to our shopping center clients, whether locally, regionally or globally.”