CBRE Group, Inc. (NYSE:CBG) today announced that it has acquired its affiliate company in Vietnam, CB Richard Ellis (Vietnam) Co., Ltd. (“CBRE Vietnam”). The acquisition strengthens the Company’s Asia Pacific platform, and particularly its ability to offer fully integrated services in the rapidly growing Southeast Asia region.
A CBRE affiliate for nearly 10 years, CBRE Vietnam is a leading service provider in that country, with a leading market share across most service lines. It offers a wide range of services, including property sales, office and retail leasing, occupier advisory services, residential project marketing, property and facilities management, project management, consulting, research and valuation.
Marc Townsend, Managing Director, and Richard Leech, Executive Director, will continue to lead the operations in Vietnam following the acquisition. Mr. Townsend and Mr. Leech have jointly managed the Vietnam affiliate since its founding in 2003. CBRE Vietnam has a staff of more than 160 people and serves clients from offices in Ho Chi Minh City, Da Nang and Hanoi.
“We are very excited to be aligning more closely with the CBRE platform,” said Mr. Townsend. “While we have been serving international investors and occupiers in Vietnam for years, we will now have more resources to enhance and expand our service offering, and further tap into CBRE’s premier global network.”
Rob Blain, chairman and CEO of CBRE Asia Pacific, said: “Although current market conditions are challenging in Vietnam, we believe the country has strong long-term growth potential as a low-cost business hub, particularly as its market-based economy matures. CBRE Vietnam will be a key pillar in our service delivery platform in the emerging economies across Southeast Asia. These operations complement our market-leading position in Singapore, China and elsewhere in the region. We are extremely pleased that Marc, Richard and their entire team have chosen to join with us to build our future in Southeast Asia.”