CB Richard Ellis Group, Inc. and Alfa Capital Partners (ACP) today announced that CB Richard Ellis has acquired from ACPs investors and other shareholders a 51% ownership interest in Noble Gibbons, one of Russias leading real estate services firms. CB Richard Ellis has committed to purchasing the remaining outstanding shares of Noble Gibbons, subject to certain conditions, at a later date.
Noble Gibbons has been CB Richard Ellis affiliate in Russia since 1995, and the transaction reflects the Companys strategy of buying-in affiliate firms that are leaders in their regional markets.
Noble Gibbons has long been a leader in the rapidly growing Russian market. Founded in 1994, the firm is based in central Moscow and has 230 employees, including 115 property and facilities management personnel located at client premises. It provides a full range of real estate advisory and management services including: property management, office, retail and industrial agency, consulting and valuation, project management, and asset investment brokerage.
Noble Gibbons completed sales and leasing transactions valued at approximately $233 million in 2005, and manages more than 2.6 million square feet of commercial real estate.
The Noble Gibbons acquisition fits perfectly with our strategy of establishing a leading position in the worlds top business capitals, said Brett White, CB Richard Ellis President and Chief Executive Officer. Moscow continues to attract significant investment capital as its economy and real estate market mature.
Alfa Capital Partners, a Moscow-based private equity and real estate investment firm, acquired its stake in Noble Gibbons on behalf of its investors in 2004 as part of its private equity investment strategy. ACP has been active in supporting Noble Gibbons management and its business development strategies.
We have been very pleased with our investment in Noble Gibbons and the dedication and professionalism of its staff. The transaction is a reflection of the dynamic and rapidly developing Russian real estate market and the global trend towards consolidation of the real estate services industry, said Alfa Capital Partners Chief Executive Officer Richard Sobel.
Noble Gibbons will now operate as CB Richard Ellis Noble Gibbons. Michael Strong, President of CB Richard Ellis Europe Middle East and Africa operations, said: Noble Gibbons is an important addition to our capabilities on the Continent, and represents a key building-block in the development and expansion of our resources in Central and Eastern Europe. This is an opportune time to integrate the business into our platform, as we increasingly offer occupiers and investors solutions on a pan-European basis.
Darrell Stanaford, a veteran of six years with Noble Gibbons and more than 10 years in the Russian real estate market, will continue as Managing Director of CB Richard Ellis Noble Gibbons. We have benefited enormously from our relationship with ACP and our other shareholders, and are excited about the possibilities afforded by more closely integrating with CB Richard Ellis. It is the industrys premier brand name with a global platform that will enable us to facilitate the flow of capital into the Russian real estate market and to support our Russian clients as they seek investments abroad. Our clients will benefit tremendously.
Source: CB Richard Ellis