In order to enhance service offering in EMEA (Europe, Middle
East and Africa) region,
CBRE Group Inc. (
recently acquired a Prague-based full-service real estate
provider firm - IMPACT-CORTI a.s. The upscale acquisition will
boost CBRE's competence in Central Europe region.
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IMPACT-CORTI is one of the leading firms specializing in property
management in the Czech Republic and Slovakia. The company has
140 assets under management, encompassing around 6 million square
feet and currently generates annual revenue of around $10
million. Some of the prominent buildings owned by IMPACT-CORTI
include LIGHTHOUSE Waterfront Towers, The GEMINI Business Center
and the Burzovni Palac, the home of the PSE (Prague Stock
Exchange). Post-acquisition, the team of 160 professionals of
IMPACT-CORTI will join CBRE's entrenched property and asset
management practice in Europe.
The deal is a strategic fit for this real estate investment trust
(REIT) and is expected to provide the prospect for top line
growth. Through the acquisition, CBRE Group will combine its
expertise with IMPACT-CORTI's proven expertise in the Czech
Republic and Slovakia's real estate sectors. Also, it will
complement the company's existing property management services in
the region and will further boost CBRE Group's capability to meet
the increasing client demand.
CBRE Group, in particular, has been focusing on enhancing the
depth and breadth of its operations across Central and Eastern
Europe (CEE) to improve services for its clients. The acquisition
of Euro Mall Center Management, a CEE shopping centre management
specialist, in mid-2011 accentuates the CBRE Group's strategic
focus on CEE region.
We expect the IMPACT-CORTI acquisition to complement the CBRE
Group's existing property management services in the region and
further boost CBRE Group's capability to meet the increasing
CBRE Group currently carries a Zacks Rank #3 (Hold). REIT's that
are performing better include
Federal Realty Investment Trust (
Brandywine Realty Trust (
Cousins Properties Inc. (
. All these stocks carry a Zacks Rank #2 (Buy).