CBRE Group announced that it has entered into a definitive agreement to acquire Preuss Gesellschaft and its subsidiaries. Preuss was founded in 2003 by Dr. Norbert Preuss and provides project management services in Germany.
Preuss focuses on project management of new real estate development and refurbishment of large properties. Preuss’s clients include leading real estate investors across all sectors of the German economy.
Preuss is CBRE’s second acquisition in Germany in 2014, following its February purchase of VALTEQ Gesellschaft mbH, a real estate technical consulting firm.
Michael Strong, CBRE’s Executive Chairman of Europe, Middle East and Africa, said, “We are committed to providing our clients with the most comprehensive range of services from best-in-class advisors across the whole of the EMEA region. The acquisition of Preuss, when paired with our recent acquisition of VALTEQ, significantly strengthens our building consultancy offering for our clients in this important market.”
Peter Schreppel, Chief Executive of CBRE Germany, added, “This acquisition adds an extra dimension to our current client offering and underlines our ambitious growth plans for CBRE Germany. Norbert and his team are a great addition to our company. They are very similar to us, both culturally and operationally, and we are delighted to welcome them to CBRE.”
Dr. Norbert Preuss, Chief Executive of Preuss, commented,“By joining CBRE, we will be creating one of Germany’s market-leading building consultancy and project management teams. In addition, CBRE has over 2,700 building consultancy specialists worldwide; combining our team with theirs and gaining the ability to call on CBRE’s many other areas of expertise, creates an opportunity that is incredibly beneficial to both our clients and our colleagues.”
The acquisition is expected to close by the end of the third quarter 2014 and is subject to German regulatory approval.