LOS ANGELES—CBRE Group says that it has acquired PSM Center Management AG, a shopping center management, leasing and consulting company in Switzerland.

Based in Zurich, PSM manages a portfolio of 11 shopping centers, totaling 133,000 square meters (1.4 million sq. ft.) on behalf of institutional clients and private investors. Established in 2003, PSM also provides retail leasing and consulting services, including concept advisory and shopping center due diligence.

“Our acquisition of PSM complements our strategy by allowing us to offer our retail clients a full range of strategic advice and implementation services that are unique in the Swiss market,” said Michael Strong, CBRE's executive chairman of Europe, Middle East and Africa. “The retail property sector is going through a period of rapid change. The growth of e-commerce and an increasingly sophisticated consumer base mean that retail investors and landlords have to work harder than ever to ensure the competitiveness of their assets. At CBRE, we continue to enhance our industry-leading retail capability, which enables us to identify and execute the best strategies for individual assets or entire portfolios, and PSM fits perfectly with our plans in Switzerland.”