As part of its efforts to broaden service offering in the EMEA (Europe, Middle East and Africa) region, CBRE Group Inc. (CBG - Free Report) acquired a Belgium-based property and asset management specialist – SOGESMAINT-CBRE. The company earlier held a minority interest in this Belgium company.
The upscale acquisition will boost CBRE's competence in the region with SOGESMAINT-CBRE being one of the leading property and asset management businesses in Belgium and managing more than 1.4 million square meters across 90 properties throughout the country. The company also offers project management and leasing services.
The deal also brings on board SOGESMAINT-CBRE’s expert professional team that would now be a part of its EMEA Property and Asset Management practice, which manages over 35 million square meters of assets across the region.
CBRE Group has been significantly focusing on increasing the depth and breadth of its operations across European countries. The acquisition of IMPACT-CORTI and Euro Mall Center Management, two property management firms operating in Central Europe, and SCM, a shopping center specialist in the Netherlands, accentuates CBRE Group’s strategic focus on this region.
We expect these strategic deals to complement CBRE Group’s existing property management services in the region and further boost the company’s capability to meet the increasing client demand.
CBRE Group currently carries a Zacks Rank #3 (Hold). However, REIT’s that are performing better include E-House (China) Holdings Limited having a Zacks Rank #1 (Strong Buy) while Desarrolladora Homex, SAB de CV and CubeSmart (CUBE - Free Report) carry a Zacks Rank #2 (Buy).