CBRE Announces Acquisition of Scottish Development & Investment Advisor Dougray Smith
CBRE today announced the acquisition of Dougray Smith, a property advisory consultancy in Scotland, specialising in investment and mixed-use developments.
Chris Dougray and David Smith have operated the business for nearly a decade. The firm acts as development, funding and investment advisors on large projects including offices, hotels, Build to Rent (BTR), co-living and student housing. The business serves a wide range of developer, loan servicer and public sector clients.
Since its inception, Dougray Smith has advised on a number of high-profile transactions, including the sale of the Haymarket site in Edinburgh, the disposal of the 3.6-acre Candleriggs site in Glasgow city centre, as well as the forward funding of 2 pre-let hotels at Custom House Glasgow for c£80m and a 259 apartment BTR development in Lionel St, Birmingham.
Dougray Smith will be integrated into the CBRE UK Advisory business, with Mr. Dougray assuming the role of Executive Director, Head of Development, Scotland and Mr. Smith becoming Executive Director and Head of the Glasgow office.
Chis Dougray, Joint Founder, Dougray Smith, commented: “We are genuinely excited about the opportunities which joining forces with CBRE offers, both in Scotland and beyond as we utilise the premier global capabilities that CBRE can offer.”
David Smith, Joint Founder, Dougray Smith, added: “Combining our expertise with CBRE’s market leading Scotland business, will enable us to offer a broader variety of services to both our longstanding and new clients.”
This is an exciting acquisition for our Scottish business, which will bolster our capabilities across a variety of sectors. Chris and David are leading professionals with a strong track record and deep client relationships, and it gives me great pleasure to welcome them to the firm. We have now completed three acquisitions this year, as we continue to enhance our services and secure the strongest talent in the market.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
Forward-Looking Statements
Certain of the statements in this release regarding the acquisition of Dougray Smith that do not concern purely historical data are forward-looking statements within the meaning of the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are made based on our management’s expectations and beliefs concerning future events affecting us and are subject to uncertainties and factors relating to our operations and business environment, all of which are difficult to predict and many of which are beyond our control. Accordingly, actual performance, results and events may vary materially from those indicated in forward-looking statements, and you should not rely on forward-looking statements as predictions of future performance, results or events. Numerous factors could cause actual future performance, results and events to differ materially from those indicated in forward-looking statements, including, but not limited to, our ability to successfully integrate Dougray Smith with our existing operations in Scotland and the United Kingdom, as well as other risks and uncertainties discussed in our filings with the U.S. Securities and Exchange Commission (SEC). Any forward-looking statements speak only as of the date of this release. We assume no obligation to update forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information, except to the extent required by applicable securities laws. If we do update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements. For additional information concerning factors that may cause actual results to differ from those anticipated in the forward-looking statements and other risks and uncertainties to our business in general, please refer to our SEC filings, including our Form 10-K for the fiscal year ended December 31, 2021. Such filings are available publicly and may be obtained from our website at www.cbre.com or upon request from the CBRE Investor Relations Department at investorrelations@cbre.com.