CBRE Continues Global Push With India Buy

DELHI, INDIA-CB Richard Ellis Group Inc. has acquired a majority interest in CB Richard Ellis South Asia Pte Ltd. CBRE India, as it is also known, is a CB Richard Ellis affiliate company, which currently operates in 30 cities across the India market, but will continue to expand in second and third tier cities in the market.

Robert Blain, president of CB Richard Ellis Asia-Pacific, and Anshuman Magazine, chairman and managing director of CBRE India, tell GlobeSt.com that expansion in the India market over the past few years has been a huge interest to CBRE. “Indian business has been successful and with strong economic activity and continued growth of Fortune 500 companies in the area, now was the time…” Blain explains.

Magazine tells GlobeSt.com that in 2005, “once foreign investment opened in India, which created looser restrictions on foreign investment and resulted in higher capital flows into real estate, there was increased commercial and residential real estate development,” he says. “About 45% of Fortune 500 companies are currently opening operations in India.”