CBRE AND EXCELLERATE ANNOUNCE PLANS FOR AFRICA AND MIDDLE EAST JOINT VENTURE
CBRE Group, Inc. (NYSE:CBRE) today announced that it has agreed to form a joint venture with Excellerate Property Services (Excellerate) to meet the growing demand for high-quality real estate services in Africa and the Middle East.
The joint venture, CBRE Excellerate, will merge CBRE’s facilities management operations in Africa and the Middle East with several of Excellerate’s businesses, including corporate real estate services, facilities management, valuation and project management services as well as property management services outside of South Africa.
Excellerate’s property management operations in South Africa and its soft-services business, which provides cleaning, security and catering services across Africa, will not be part of the joint venture. CBRE will continue to operate a wholly-owned advisory services business in the Middle East and North Africa.
Excellerate, based in Johannesburg, provides property services for property investors and occupiers across sub-Saharan Africa and the Middle East.
International corporations are increasingly looking for full service real estate solutions across Africa and the Middle East. Excellerate is the ideal partner to help us deliver these services because of its excellent reputation and track record in integrated facilities management and specialist technical solutions, and its coverage spanning more than thirty countries.
Gordon Hulley, CEO, Excellerate Holdings, said: “Our partnership with CBRE aligns with our core values and by structuring our relationship as a joint venture, rather than an alliance, we will pool our respective skills and expertise and foster intense collaboration, which will drive superior client outcomes.”
Marna van der Walt, CEO of Excellerate Property Services, agrees. “The joint venture partnership with CBRE will allow us to provide seamless coverage across the region and services that meet the highest global standards. It is a privilege to partner with an organisation of CBRE’s calibre, and we look forward to growing and strengthening our business.”
The formation of CBRE Excellerate is subject to customary closing conditions, including government approvals, and is expected to be completed in the first half of 2019.