CBRE Group, Inc. Acquires Tax Credit Group, The National Leader in Affordable Housing
| December 7, 2015
Acquisition Fortifies CBRE’s Capital Markets Offering
CBRE Group, Inc. (NYSE:CBG) today announced that it has acquired Tax Credit Group (TCG), the national leader in providing advisory, investment sales, debt and structured finance, and research services to owners of Affordable Housing (including Section 42 and Section 8 housing). Based in Seattle, TCG was the first national investment sales firm established exclusively to provide transaction services to owners of affordable multi-family properties. TCG, now called CBRE Affordable Housing, will operate as a part of CBRE’s Capital Markets business line.
Since 2001 TCG has pioneered the market for the valuation and sale of affordable properties that carry tax credits, and has executed more than $10 billion in sales and financing across the country. TCG’s success in this industry has been realized through an unwavering focus on client relationships and guided by exceptionally talented team members. TCG is comprised of more than 50 professionals, led by Robert Sheppard, Armand Tiberio, Spencer Hurst, and Jeff Arrowsmith.
“The acquisition of TCG is a strategic move that adds a new capability to our capital markets offering—affordable housing services—and improves our ability to meet the full spectrum of real estate investor needs. We are excited that Robert and his colleagues have joined CBRE and look forward to the benefits that our combined offering will provide to our professionals and clients,” said Chris Ludeman, global president, Capital Markets, CBRE.
TCG has a deep understanding of the affordable housing industry and will bring this expertise to CBRE, giving its professionals new capabilities to serve investors in real estate. CBRE’s suite of integrated service offerings—investment sales, debt and structured finance, investment banking, and valuation services—can now be delivered to investors in the affordable housing industry.
“TCG’s success is a testament to the trust and support of our clients and the great people who are part of our team. This has allowed us to become the industry leader in affordable housing advisory services,” said Mr. Sheppard, who will lead CBRE Affordable Housing. “CBRE provides us the platform to execute on our vision of providing the full suite of investment capital and services to our affordable housing clients. We will be able to fully integrate our affordable-housing expertise with these new capabilities, which will substantially improve our service offerings for our clients.”
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has approximately 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
“Safe Harbor” Statement Under the U.S. Private Securities Litigation Reform Act of 1995
Certain of the statements in this release regarding the acquisition of Tax Credit Group that do not concern purely historical data are forward-looking statements within the meaning of the ''safe harbor'' provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements involve risks and uncertainties, including, but not limited to, CBRE’s ability to successfully integrate Tax Credit Group with its existing capital markets operations in the U.S., as well as other risks and uncertainties discussed in CBRE’s filings with the U.S. Securities and Exchange Commission (SEC). Any forward-looking statements speak only as of the date of this release and, except to the extent required by applicable securities laws, CBRE expressly disclaims any obligation to update or revise any of them to reflect actual results, any changes in expectations or any change in events. If CBRE does update one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements. For additional information concerning factors that may cause actual results to differ from those anticipated in the forward-looking statements and risks to CBRE’s business in general, please refer to CBRE’s SEC filings, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2014 and its Quarterly Reports on Form 10-Q for the quarters ended March 31, 2015, June 30, 2015 and September 30, 2015. Such filings are available publicly and may be obtained off CBRE's website at www.cbre.com or upon request from the CBRE Investor Relations Department at [email protected]