Business and Finance Business and Finance
Wed, June 22, 2011

PRUPIM Selects CB Richard Ellis Group, Inc. to Provide Services for 45 Million Sq. Ft. U.K. Property Portfolio


Published on 2011-06-22 06:40:39 - Market Wire
  Print publication without navigation


LONDON--([ BUSINESS WIRE ])--CB Richard Ellis Group, Inc. (NYSE:CBG) today announced that it has been selected by PRUPIM, a leading global real estate investment management firm, to provide property management and accounting services for its approximately 45 million sq. ft. U.K. property portfolio. The agreement represents one of the largest outsourcing contracts for property management services ever in EMEA/UK.

"We have made the best possible choice of a partner for this project. CB Richard Ellis is a world-class organization with the experience and scale to ensure that our property management and accounting services remain of the highest standard."

PRUPIM, the real estate investment arm of M&G Investments, owns approximately 800 properties in the U.K. valued at more than US$19 billion.

aThe outsourcing move is in line with our strategy of focusing on our core capability as a global property fund manager, and will allow us to continue to grow our range of institutional and retail fund management clients and mandates in the U.K. and globally,a said PRUPIM Managing Director Martin Moore. aWe have made the best possible choice of a partner for this project. CB Richard Ellis is a world-class organization with the experience and scale to ensure that our property management and accounting services remain of the highest standard.a

PRUPIM will transfer 85 property management and accounting employees to CB Richard Ellis on July 1, 2011. The firma�s fund and asset management professionals will remain with PRUPIM.

PRUPIM is a top 20 global real estate investment management firm with approximately US$26 billion invested in Europe, North America and the Asia Pacific region. M&G Investments is the investment arm of Prudential plc in the UK and Europe.

About CB Richard Ellis

CB Richard Ellis Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the worlda�s largest commercial real estate services firm (in terms of 2010 revenue). The Company has approximately 31,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CB Richard Ellis offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at [ www.cbre.com ].

Contributing Sources