US giant now owns 70% of combined project management firm
CBRE Group has completed its plan to combine its project management business with Turner & Townsend (T&T).
The 76-year-old British consultancy firm has been a majority-owned subsidiary of the US real estate giant since a deal in November 2021, when the UK firm was valued at £1.6bn.
The move to join the two companies, which has seen CBRE become owner of 70% of the combined business, was announced last June.
As part of the new arrangement, Vincent Clancy, board chair and chief executive officer of T&T and a 35-year veteran of the company, has joined CBRE’s board of directors.
Bob Sulentic, CBRE’s chair and chief executive, said: “Our unified project management business represents an offering that is unmatched for its scale and breadth of capabilities.
“Under Vincent’s exemplary leadership, it is poised to benefit from powerful secular trends in areas like infrastructure, green energy transition and employee experience”.
“Our board will benefit greatly from the insights Vincent has developed from running a highly successful global business and his deep knowledge of key growth sectors for CBRE.”
>> Read more: T&T partners received £18m payout following CBRE deal
Clancy, who has twice been named Building’s chief executive of the year, added that the “strong momentum we’ve built over the past three years will continue to grow now that we’ve combined two great businesses”.
“Our combined depth of talent and resources, global footprint, sector expertise and commitment to excellence is unparalleled in program and project management,” he said.
“I’m also energized to join CBRE’s board and look forward to working with my fellow directors as we build a resilient, highly diversified business that is second to none in our industry.”
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