LONDON and LOS ANGELES-CBRE Group has completed the previously-reported acquisition of Norland Managed Services Ltd. Norland is a best-in-class provider of technical engineering services for commercial buildings in the United Kingdom and Ireland, with a growing customer base in the United States and Singapore.

Norland's market-leading capabilities enable CBRE to self-perform technical engineering services for commercial buildings and to provide its clients with fully-integrated outsourcing services in Europe. Norland also provides CBRE with increased expertise in the management of critical environments, such as data centers and trading floors - a growing market segment requiring specialized knowledge and experience. CBRE acquired Norland for approximately $434 million (£265.5M), paid in cash at closing (which included a payment in respect of an excess working capital adjustment and related items), plus 362,916 shares of CBRE common stock issued at closing. In addition, CBRE may pay up to $81.8 million (£50M) in deferred contingent consideration in cash.

Norland will be part of CBRE's Global Corporate Services (GCS) business in EMEA, which serves leading occupiers across the region. The business will continue to be led by its CEO, Ian Entwisle.