CB Richard Ellis Group, Inc. has announced that it has acquired Dalgleish & Co Limited, the leading retail real estate services specialist in the United Kingdom, for $37.9 million in cash. The acquisition gives CB Richard Ellis the leading position in the UK retail real estate sector, and marks a further important step in the Company's plan to expand its retail capabilities across Europe.
Founded in 1979, Dalgleish employs 93 people in central London, and provides tenant representation, agency leasing and investment advisory services throughout the UK. It has annual revenues of approximately $34 million. Malcolm Dalgleish, founder and principal shareholder of the firm, will lead CB Richard Ellis' retail services business across Europe.
"Dalgleish provides a perfect fit with our existing retail business and with our growth strategy in Europe," said Brett White, President and CEO of CB Richard Ellis. "The merger of our existing retail resources with Dalgleish's professionals and extensive client base enables us to achieve the number one position for retail services in the UK."
Mike Strong, President of CB Richard Ellis Europe, Middle East & Africa (EMEA) operations, said: "Dalgleish has a strong track record in both leasing and investment services, and a balanced client base, split equally between landlords and retailers. This acquisition will enable us to provide the European market with a truly world class retail capability, adding strength and depth to our services for landlords and retailers alike."
Malcolm Dalgleish said, "This is a once in a lifetime opportunity to develop our business across Europe. CB Richard Ellis was the only company we would consider joining, given their platform, culture and growth strategy. It is an exciting opportunity to provide a unique offer to the European market."