CB Richard Ellis Group takes over Eurisko for USD 35 million
11 February 2008
CB Richard Ellis (CBRE) Group Inc. announced the acquisition of Eurisko Consulting SRL, the largest independent commercial real estate services company in Romania. The purchase price is approximately USD 35 million, subject to a post closing audit. The acquisition further enhances CB Richard Ellis’ ability to deliver the premier commercial real estate services offering across Central and Eastern Europe (CEE) by giving the Company a leading position in one of the region’s fastest growing economies.
Founded in 1997, Eurisko is one of the top real estate services companies in Romania. It employs 120 professionals and is based in Bucharest, with offices in key cities across the country. The company has developed a strong reputation in investment, agency, valuation, consultancy and research, and has an extensive client portfolio.
Accession to the EU, strong economic growth and a skilled, low-cost labour force have fuelled the rapid growth of Romania’s real estate market over recent years.
“Romania has become a country of strategic interest to our clients as they continue to look East. This latest acquisition enables us to respond to these needs and strengthens our platform in the important CEE region,” Mike Strong, President of CB Richard Ellis, EMEA, said.
“We expect the Romanian commercial real estate market to see substantial growth over the long term. Eurisko has an enviable track record in Romania and we look forward to working together to deliver a very compelling full service platform to both local and international clients,” Colin Waddell, Managing Director CEE for CB Richard Ellis, said.
“Combining our resources with CB Richard Ellis will bring us the international expertise and market insight of the leading commercial real estate services provider in the world, resulting in further added value for our clients. We are looking forward to working with CB Richard Ellis’ corporate and investor clients who are active in the region,” Radu Luciano, Managing Partner at Eurisko, added.
CB Richard Ellis Group, Inc., an S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2007 revenue).
With over 29,000 employees, the Company serves real estate owners, investors and occupiers through more than 300 offices worldwide (excluding affiliate offices).
CB Richard Ellis 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.