In one of the largest recent appointments in the European retail property sector, CB Richard Ellis Group, Inc. (NYSE: CBG) today announced that it has been selected by Shell (LSE: RDSA / RDSB) to provide transaction and portfolio management services across its European reatial portfolio.
The assignment will see CBRE take management of delivering real estate services to Shell's retail portfolio in the region, encompassing more than 6,000 sites across 17 European countries including: Czech Republic, Slovakia, Germany, Hungary, Italy, UK, Poland, Bulgaria, Switzerland, Austria, Norway, Denmark, Sweden, Finland, Belgium, Luxembourg and The Netherlands. In addition, CBRE has been engaged to support Shell with the development of their property strategy for Latin America.
Mike Strong, EMEA Chairman and CEO, CBRE, said: "As one of the world's leading companies, Shell's decision to partner with CBRE is an important endorsement of our European corporate services platform. We are thrilled to partner with Shell and look forward to working with them to maximise the investment in their European retail property network."
Irene Masterton, Global Manager Retail Real Estate, Shell, commented: "Shell has a wealth of experience in leveraging strategic partnerships to support business activity, and we are delighted to formally partner with CB Richard Ellis, whose world-class operating practices will help further evolve our real estate service delivery model. Our decision to select CBRE followed a comprehensive market review and competitive RFP process, from which CBRE's specialist expertise and unique technical capability in the global petroleum and automotive sector was apparent."
Adam Rejczak, Director of Global Corporate Services, CBRE Poland, said: "Our team in Poland started cooperation with Shell in November 2009 and from this moment provides portfolio management services of 280 sites across Poland. We are proud to be a strategic partner to such prestigious international company."
Source: CBRE
