CB Richard Ellis Group, Inc. (CBRE) has announced that it has acquired CBRE-PI Performance, its affiliate company in Switzerland, responding to increased demand from clients targeting opportunities in that country.
Founded in 1997, CBRE-PI Performance is the only full-service commercial real estate advisory firm in Switzerland and has been CBRE's affiliate in that country since 2004. CBRE-PI employs 33 professionals in Geneva and Zurich, the country's two largest economic hubs, and is one of the few real estate services companies with a presence in both the German and French speaking parts of Switzerland.
CBRE-PI Performance provides a broad range of key services, including Transaction Management, Project Management, Corporate Real Estate Services, Financing and Investment Advisory, Valuation and Project Development. In addition, CBRE-PI Performance has extensive experience in Hotel and Leisure services. It provides real estate services to prestigious international clients including Nestlé and Rothschild Private Bank as well as public authorities, private investors and developers.
Mike Strong, Chairman & CEO of CBRE in Europe, Middle East and Africa (EMEA), said: "This acquisition consolidates our presence in a market where service provision is highly fragmented and often confined to specialist areas. Combining our firms will supply the Swiss market with a strong full-service provider and give us the opportunity to enhance our service offering for clients, many of whom are targeting Switzerland for growth."
"CBRE-PI Performance is a diverse and leading business which closely reflects our own focus on offering clients a full suite of services to satisfy their real estate requirements. This vision, and their expertise, first motivated us to partner with them in 2004. Since then we have had an exceptionally strong relationship and are delighted to formally welcome them to CBRE."
Jean Golinelli, Managing Director, CBRE-PI Performance, added: "We are thrilled to be officially joining CB Richard Ellis. Our original partnership afforded us access to the Group's substantial global platform, formidable client base and strength across all property sectors.
"This move will reinforce and increase our own clients' access to this unique network as well as enable us to enhance the services we offer them. We look forward to further building on the successes of the past few years, growing our offering to clients and consolidating our leading position in Switzerland."
Switzerland is a strategic hub for many industries including:
- Life sciences (pharmaceutical & medical technologies)
- Financial services
- Machinery, electrical engineering and metals industry
- Commodities trading.
More than 6,500 foreign companies are active in Switzerland today, of which over 1,000 are regional or global headquarters. In addition, more than 180 company headquarters have relocated their worldwide or European activities to Switzerland in the last 10 years. Among them are 89 Forbes Global 2000 companies, such as IBM, General Motors, Kraft Foods, Phillip Morris, Procter & Gamble, Dow Chemicals, Amgen, Baxter, DuPont, Nissan and Google.
The diversified nature of Switzerland's economy and its attractiveness to international occupiers has driven the growth of the commercial real estate market there. Coupled with recent legislative changes which have enticed international real estate investors to the Swiss market, demand for expert advisory services has grown significantly.
Source: CB Richard Ellis