LOS ANGELES and LONDON-CBRE Group, Inc. has entered into an agreement to acquire Norland Managed Services Ltd., a leading provider of commercial building technical engineering services in the United Kingdom and Ireland.

CBRE will pay around $400 million (£250M) plus up to £50 million (approximately $80 million) of deferred contingent consideration as well as a payment for excess working capital and related items. The purchase price is payable in cash, except for about $9 million (£5.6M) that is payable in CBRE common stock to Norland senior management. The acquisition will add market-leading capabilities for CBRE to self-perform building technical engineering services in its UK and European Global Corporate Services (GCS) business, providing its client base with fully-integrated outsourcing services in the region.

“Norland is a strong complement to our global platform,” said Bill Concannon, CBRE's CEO of GCS. “We will have the ability to self-perform building technical engineering services in Europe, as we already do for more than 850 million square feet of client properties in North America, Latin America and Asia-Pacific. This transaction will significantly enhance our service offering, enable us to provide an integrated suite of outsourcing services and deepen our relationships with global and multi-national occupiers.”