CBRE Group has finalised the combination of its project management business with Turner & Townsend. The merger sees CBRE increasing its stake in Turner & Townsend from 60% to 70%, creating a unified project management entity.
Vincent Clancy, chair and chief executive of Turner & Townsend, has been appointed to CBRE’s board of directors, bringing 35 years of industry experience to the table. Under Clancy’s leadership, Turner & Townsend has seen remarkable growth, with revenue soaring from approximately $225m in 2008 to more than $1.9bn in 2023.
Since CBRE’s initial acquisition of a 60% stake in Turner & Townsend for £960m in November 2021, the UK-based firm has demonstrated impressive financial performance. Turner & Townsend’s revenue has increased at a compound annual rate exceeding 20%.
Bob Sulentic, CBRE’s chair and chief executive officer, said, “Our unified project management business represents an offering that is unmatched for its scale and breadth of capabilities.”
Vincent Clancy said, “The strong momentum we’ve built over the past three years will continue to grow now that we’ve combined two great businesses into one integrated, pure play project management capability.”
