{"id":59433,"date":"2019-07-04T08:29:48","date_gmt":"2019-07-04T07:29:48","guid":{"rendered":"https:\/\/www.pbctoday.co.uk\/news\/?p=59433"},"modified":"2019-07-04T08:29:48","modified_gmt":"2019-07-04T07:29:48","slug":"cbre-telford-homes","status":"publish","type":"post","link":"https:\/\/www.pbctoday.co.uk\/news\/hr-skills-news\/cbre-telford-homes\/59433\/","title":{"rendered":"CBRE announces plans to acquire Telford Homes"},"content":{"rendered":"

CBRE Group<\/a> has announced plans to acquire Telford Homes to expand its real estate development business, Trammell Crow Company<\/h2>\n

The acquisition of Telford Homes represents a strategic expansion of CBRE\u2019s Trammell Crow Company, which has achieved robust earnings growth over the past five years.<\/p>\n

Telford Homes is focused on opportunities to develop middle-market build-to-rent<\/a> properties, a fast-growing component of the London housing sector.<\/p>\n

Telford generated approximately $446m (~\u00a3354m) of revenue and \u00a340m of pre-tax profit for the 12 months ended March 31, 2019. Under the terms of the planned transaction, Telford shareholders will receive \u00a33.50 per share in cash, valuing Telford at \u00a3267.4m.<\/p>\n

CBRE has put in place a bridge acquisition facility for purposes of confirming that resources are available to fully satisfy the offer to Telford shareholders. It intends to fund the acquisition through a combination of cash on hand and availability within its revolving credit facility.<\/p>\n

Bob Sulentic, president and chief executive officer of CBRE, said: \u201cTelford gives us a compelling opportunity to build on the success of Trammell Crow Company.<\/p>\n

\u201cThe UK is in the early stages of a secular shift toward institutionally owned urban rental housing, similar to what we have seen in the US over the last two decades. Telford is well positioned to lead this trend, and their more than 300 talented professionals operating in London are a great addition to our company.\u201d<\/p>\n

The acquisition of Telford Homes also positions Trammell Crow Company to expand its development platform over time in the UK and Europe.<\/p>\n

Jon Di-Stefano, chief executive officer of Telford Homes Plc, commented: \u201cBeing part of Trammell Crow Company will allow Telford to enhance its growth in the build-to-rent \/ multifamily market in London.<\/p>\n

\u201cOur management team have found that Trammell Crow Company is aligned with both our culture and our current strategy and its platform will give Telford access to far greater resources, improved technology and wide-ranging expertise.\u201d<\/p>\n

Upon completion of the acquisition, which is expected in the third quarter of 2019, Telford will operate as part of the Trammell Crow Company and its financial results will be reported within CBRE\u2019s Real Estate Investments business segment. Di-Stefano will continue to run the Telford Homes business after the acquisition closes.<\/p>\n

\n<\/div>","protected":false},"excerpt":{"rendered":"

CBRE Group has announced plans to acquire Telford Homes to expand its real estate development business, Trammell Crow Company.<\/p>\n","protected":false},"author":16,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[285],"tags":[656,661,747],"stakeholder_rel_tag":[],"contributor_rel_tag":[],"class_list":{"0":"post-59433","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-hr-skills-news","7":"tag-housing","8":"tag-hr","9":"tag-property"},"acf":[],"yoast_head":"\nCBRE announces plans to acquire Telford Homes<\/title>\n<meta name=\"description\" content=\"CBRE Group has announced plans to acquire Telford Homes to expand its real estate development business, Trammell Crow Company\" 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