CBRE Group, Inc. (NYSE:CBRE) agreed to acquire remaining 60% stake in Industrious National Management Company LLC for $400 million on January 14, 2025. The company will acquire the remaining equity stake for approximately $400 million, reflecting an implied enterprise valuation of approximately $800 million. In conjunction with the acquisition, CBRE will create a new business segment called Building Operations & Experience (BOE). The new BOE segment will be led by Jamie Hodari, Industrious? chief executive officer and co-founder, and will consist of CBRE?s Enterprise Facilities Management, Local Facilities Management, Property Management and Industrious. Hodari will also act as CBRE?s Chief Commercial Officer, with responsibility for marketing and branding activities across all CBRE businesses. This segment produced approximately $20 billion of combined revenue, including Industrious, in 2024 and comprises CBRE?s entire 7+ billion sq. ft. global property and corporate facilities management portfolio. CBRE Chief Operating Officer Vikram Kohli has been promoted and taken on increased responsibilities. With today?s announcement, CBRE?s four business segments for 2025 will be: Advisory Services, Building Operations & Experience, Project Management and Real Estate Investments. The transaction is expected to be immediately accretive to 2025 core EBITDA and free cash flow. The transaction is expected to close later this month. Wells Fargo & Company (NYSE:WFC) acted as financial advisor to CBRE Group, Inc. (NYSE:CBRE). Mark Pflug, Matthew Fisher, Benjamin Rippeon, Sophie Staples, Harry Hudesman, Lori Lesser, Alysha Sekhon, Krista McManus, Dennis Loiacono, Toby Chun, Manideepa (Deepa) Sarkar, Mark Skerry, Peter Guryan, Étienne Renaudeau, Kelly Karapetyan and Steven DeLott of Simpson Thacher acted as legal advisors to CBRE Group in the transaction.

CBRE Group, Inc. (NYSE:CBRE) completed the acquisition of remaining 60% stake in Industrious National Management Company LLC on January 16, 2025.