Set to close in the fourth quarter, Dallas real estate giant CBRE Group Inc.'s $1.3-billion proposed cash buy of a 60% majority stake in U.K.-based program and cost manager Turner & Townsend Holdings Ltd. is creating a stir on both sides of the Atlantic.
Seeking to expand fee-based client services in project management, infrastructure development and energy transformation amid the uncertain real estate market, CBRE announced the deal on July 30, which has been in motion since late last year. At closing, T&T’s 106 partners would own the remaining 40% share. The firm was valued at about $2.2 billion.