CB Richard Ellis Group, Inc. (CBRE) has announced the acquisition of Euro Mall Centre Management (EMCM), a company specializing in the management of shopping centers and malls across Central and Eastern Europe (CEE), extending CBRE's offering to clients and its leadership in the European retail sector.
Founded in 2002, EMCM offers property and asset management services across five key CEE countries the Czech Republic, Slovakia, Poland, Latvia and Lithuania for clients including INVESCO, ING Real Estate Investment Management and Carpathian Asset Management. EMCM has around 200 employees and manages over 40 properties region-wide, covering more than 658,000 m² with over 2,400 tenants.
This transaction follows CBRE's recent acquisition of its Swiss affiliate, CBRE-PI Performance, and builds upon its strategy of continually enhancing the depth and breadth of its operations across Europe to improve services for clients.
Mike Strong, Chairman & CEO of CBRE in Europe, Middle East and Africa (EMEA), said: "We are continually enhancing the retail solutions we offer to clients across EMEA, with our established local market expertise linking to our wider global network in both traditional and emerging retail destinations.
"This acquisition is consistent with our strategy of bringing on board respected, top quality companies to support our core business areas. EMCM is an exceptionally successful specialist firm and is regarded as CEE's leading shopping center manager, which will greatly complement our existing operations and further strengthen our ability to advise investors, occupiers and developers in these growing markets."
Jørn Elkjær-Holm, CEO of EMCM, added: "In the nine years since we founded EMCM, our company has grown significantly and joining CB Richard Ellis opens up a unique opportunity for us to become part of a first-class operation. CBRE's global platform will enable us to provide the local expertise we've become known for to international developers and investors seeking to enter the CEE market, and also to international retailers looking to secure brand presence in the region's key cities."
Despite the economic slowdown, high quality retail real estate in CEE has continued to attract strong interest from investors. Renewed demand from expanding international retailers has increased the requirement for active property and asset management expertise in the region and the need for a strong platform to deliver quality advice.
Source: CB Richard Ellis