CBRE ACQUIRES IMPACT-CORTI

CBRE Group, Inc. a leading global commercial real estate services and investment firm, today announced the acquisition of IMPACT-CORTI a.s., a firm specialising in property management in the Czech Republic and Slovakia.

With 557,000 sq m under management across 140 assets and current annual revenue of approximately $10 million, IMPACT-CORTI is the leading property manager in the Czech Republic and Slovakia. The company is particularly known for its expertise in the office sector but also has a portfolio of residential and industrial assets under management. In addition, IMPACT-CORTI provides project management, investment, leasing and consultancy expertise to its institutional and private-investor clients, such as Deka, Axa REIM, Pramerica and Hampshire Investments. In the Czech capital of Prague, IMPACT-CORTI manages notable buildings including The GEMINI Business Center, LIGHTHOUSE Waterfront Towers and the Burzovni Palac, the home of the Prague Stock Exchange.

IMPACT-CORTI’s team of 160 professionals will join CBRE’s well-established Property and Asset Management practice in Europe. In response to client demand, CBRE has particularly focused on the growth of these services in Central and Eastern Europe (CEE), underlined by its acquisition of Euro Mall Center Management, a CEE shopping centre management specialist, in mid-2011.

Andreas Ridder, Chairman, Central and Eastern Europe, CBRE, said: “IMPACT-CORTI is renowned in the Czech Republic for its expert property management and project management practices. By adding their expertise and reach to our own growing capabilities, we are increasing the scope of the services we can provide to clients across the region.”

Jürg Zwahlen, Chairman of the Board, IMPACT-CORTI, commented: “By joining CBRE, we are creating a huge opportunity for both our clients and our colleagues. As part of one of the most integrated and respected commercial real estate advisory companies in the world, we will be able to better collaborate to deliver market insight and strategic advice to clients across the region, addressing a requirement that is not yet fulfilled in the market.”

“”This acquisition is also good news from a Hungarian point of view,” – added Adrienne Konthur managing director at CBRE Budapest. “Even until now we have had a very close cooperation with the Prague and Bratislava offices, this strengthened real estate operating platform will now create further cross-border and local business opportunities.”