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CBRE expands global project management reach with Turner & Townsend merger


Real estate services and investment firm CBRE has announced the integration of its project management business with Turner & Townsend, with Vincent Clancy, Turner & Townsend chairman and chief executive, being appointed to the CBRE board. 

CBRE acquired a 60% stake in Turner & Townsend, a UK-based global consultancy specialising in cost management and project services, for $1.3bn (£960m) in 2021. CBRE will now combine its project management division with Turner & Townsend, resulting in CBRE owning 70% of the newly formed entity, with the remaining 30% held by Turner & Townsend partners.

“Unifying our project management business will create an unmatched offering in terms of scale and capabilities, serving clients in over 60 countries with more than 20,000 employees,” said Bob Sulentic, CBRE’s chairman and CEO, “We are poised to capitalise on significant growth opportunities, particularly in infrastructure, green energy, and enhancing employee experience.”

Starting in 2025, CBRE will introduce a new reporting segment for project management, distinct from its Global Workplace Solutions division, to provide greater transparency to investors.