Los Angeles, August 4 2014 – CBRE Group, Inc. (NYSE: CBG) today announced it has closed the acquisition of Preuss Gesellschaft mbH and its subsidiaries (“Preuss”), a leading provider of project management services in Germany.
Preuss focuses on the project management of new real estate developments and refurbishment of large existing properties. Its clients include leading real estate investors and major occupiers across all sectors of the German economy. It employs approximately 100 professionals, including architects, civil engineers and HVAC engineers, who will be fully integrated into CBRE’s Building Consultancy group in Germany and across Europe.
Preuss is CBRE’s second acquisition in Germany in 2014, following its purchase in February of VALTEQ Gesellschaft mbH, a real estate technical consulting firm.
Michael Strong, CBRE’s Executive Chairman of Europe, Middle East and Africa, said: “We are very pleased to welcome the Preuss team to CBRE.We are dedicated to providing our clients with the broadest range of property services, and the acquisition of a leading specialist such as Preuss, as well as our recent acquisition of VALTEQ, expands and enhances our capabilities in Germany.”
About Preuss Gesellschaft mbH Preuss Gesellschaft mbH, founded in 2003 by Dr. Norbert Preuss, has its core competence in project management services for commercial and residential real estate projects. The firm provides consulting services to both real estate investors and occupiers. Preuss has approximately 100 professionals and has offices in Munich, Frankfurt, Dusseldorf and Berlin. Please visit its website at www.preuss-pm.de.
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 2013 revenue).The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 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 Preuss 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, the ability of the parties to secure regulatory approval from the German government to close the transaction, and upon closing, to successfully integrate the Preuss operations with CBRE’s existing project management and building consulting services in Germany and across EMEA, 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 the Company’s SEC filings, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2013 and its Quarterly Report on Form 10-Q for the quarter ended March 31, 2014. Such filings are available publicly and may be obtained off the Company's website at www.cbre.com or upon request from the CBRE Investor Relations Department at [email protected].