Real estate deal
CBRE acquires 60% stake in Turner & Townsend
CBRE said the deal will be transformational
Commercial property agent CBRE is acquiring a 60% stake in the consultancy Turner & Townsend for £960 million in cash.
It said the deal will preserve Turner & Townsend’s existing “leadership team, heritage, operational independence and partnership structure”.
Turner & Townsend’s partners will hold the remaining 40% stake in the business which the deal values at £1.6 billion. It is expected to complete in the fourth quarter.
For the 12 months ended 30 April 2021, Turner & Townsend’s net revenue totalled approximately £665m and adjusted EBITDA approximately £124m.