CBRE Group has now combined its project management business with Turner & Townsend, its majority-owned subsidiary, as planned.
As part of the move, announced in June last year, Turner & Townsend (T&T) chief executive officer (CEO) Vincent Clancy has joined CBRE’s board of directors.
T&T 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.
In August last year T&T posted an almost 25 per cent jump in turnover and 22 per cent increase in net revenue, to £1.5 billion and £1.3 billion respectively.
It saw double-digit growth across real estate, infrastructure and energy and natural resources in its 2023-24 annual review.
It is understood CBRE now owns 70 per cent of the combined T&T/CBRE PM business, 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.
Clancy, a 35-year veteran of T&T, has served as CEO since 2008 and board chairman since 2015.
He said: “The strong momentum we’ve built over the past three years will continue to grow now that we’ve combined 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 is unparalleled in programme and project management.”
He added: “I’m also energised to join CBRE’s Board and look forward to working with my fellow directors as we build a resilient, highly diversified business that is second to none in our industry.”
Beginning this year, CBRE will report project management results in its own standalone business segment.
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