The take over of the Insignia Financial Group by CB Richard Ellis will, most likely, be completed on July 23rd. This results in an internationally operating new real estate advisor, under the name of CB Richard Ellis, with a total of 16,000 employees and a return of $ 2 billion.
The take over also has consequences for the Dutch market. The Insignia office at the Prins Hendriklaan in Amsterdam will be closed and operations will be taken over by the present CB Richard Ellis office in the Honthorststraat. It is expected that a part of the Insignia employees will make the transition as well.
Also the consequences for the French market after the take over of Insignia by CB Richard Ellis have become clear. Starting 1 January 2004, the name Insignia Bourdais, and therefore also the name Bourdais, will disappear of the French market. Insignia Bourdais was the name of the real estate advisor which was the result of the take over of Bourdais by Insignia a year and a half ago. Jean-Claude Bourdais will resign with a immediate effect. Maurice Gauchot (on behalf of CB Richard Ellis) and Gerard Aubert (on behalf of Insignia Bourdais) will lead the Paris office of CB Richard Ellis. Until the 1st of January they will each respectively lead their own firms and work on the cooperation.