CBRE Acquires Irish Affiliate for $25M

DUBLIN-Los Angeles-based CB Richard Ellis Group Inc. agreed to acquire all of the remaining outstanding shares of its 10%-owned affiliate here, CB Richard Ellis Gunne, for $24.6 million. The companies had established a relationship in the mid 1990s and the affiliate relationship was forged in 1999.

“It’s the natural progression,” explains Mike Strong, president of CBRE in Europe, Middle East and Africa. When the relationship started, Strong says, “we recognized the importance of Ireland and how important it was to have representation here.”

In fact, with a domestic economy growing at more than 5% per year, Ireland has one of the healthiest leasing and investment markets in Europe. Irish investors are among the most active in Europe, having acquired nearly $6 billion of property in the 15 European Union countries in 2004, according to CB Richard Ellis Gunne research.