The commercial real estate brokerage and investment firm CBRE Group, Inc. (NYSE:CBRE) announced plans to combine its Project Management business with Turner & Townsend, its majority-owned subsidiary that provides program management, cost consultancy and project management services globally.
According to the company, CBRE will own 70% of the combined Turner & Townsend/CBRE Project Management business, with the Turner & Townsend partners holding the remaining 30%. CBRE acquired a 60% ownership interest in Turner & Townsend in November 2021.
The combined business will be led by Turner & Townsend CEO Vincent Clancy, who will also join the CBRE board of directors.
“Our ambition since joining forces with CBRE in 2021 has been to create the premier, differentiated program, project and cost management capability globally,” said Clancy. “We have made exceptional progress towards this goal and our revenue and profit have grown significantly in the last three years. Turner & Townsend’s momentum will continue to grow with the combining of two great businesses into one integrated, pure play project management capability. Our combined depth of talent and resources, global footprint, sector expertise and commitment to excellence will be second to none in project and program management.”
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