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CBRE business merger with Turner and Townsend

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CBRE has announced plans to merge its Project Management arm with Turner & Townsend (T&T), its majority-owned subsidiary and consulting business.  

Turner & Townsend chairman and CEO, Vincent Clancy. Credit: Turner & Townsend.

The combined business will be led by T&T chief executive officer (CEO), Vincent Clancy, who will report to a board with members from both organisations. 

Turner & Townsend has seen its revenue grow at a compound rate of more than 20 per cent since CBRE acquired a 60 per cent ownership in the business in 2021.  

CBRE will own 70 per cent of the combined T&T/CBRE PM business upon closing the deal, with T&T holding the remaining 30 per cent. 

Bob Sulentic, CBRE’s CEO, said the merger will create an “unmatched” offering that will capitalise on increased spending on infrastructure and green energy. 

CBRE will begin reporting PM results separate from Global Workplace Solutions in 2025.  

Clancy said: “Our ambition since joining forces with CBRE in 2021 has been to create the premier, differentiated programme, project and cost management capability globally.  

“We have made exceptional progress towards this goal and our revenue and profit have grown significantly in the last three years.  

“Turner & Townsend’s momentum will continue to grow with the combining of two great businesses into one integrated, pure play project management capability.  

“Our combined depth of talent and resources, global footprint, sector expertise and commitment to excellence will be second-to-none in project and programme management.” 

CBRE’s Project Management business, including T&T, produced net revenue of around $3 billion last year. 

The deal is expected to close around year end, subject to regulatory conditions. 

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