CB Richard Ellis Group acquires India affiliate

LOS ANGELES: CB Richard Ellis Group, Inc. (NYSE:CBG), on Thursday, announced the acquisition of a majority interest in CB Richard Ellis South Asia Pte Ltd (CBRE India) - a CB Richard Ellis affiliate company that is a full service provider operating in 30 cities across the Indian market.

CB Richard Ellis' expansion in the India market comes at a time of strong economic activity, continued growth of FORTUNE 500 corporate space occupiers, loosened restrictions on foreign investment resulting in higher capital flows into real estate, and increased commercial and residential real estate development.

CBRE India, based in Delhi, has been the CB Richard Ellis affiliate in India since 1994, and has a staff of over 1,000 professionals.

Over more than a decade, CBRE India has executed more than 22 million sq. ft. of leasing transactions and approximately 30 million sq. ft. in project management assignments, and advised major corporations throughout the world on their real estate strategies in India.

Robert Blain, President of CB Richard Ellis Asia-Pacific, said: "The acquisition of CBRE India fits perfectly with our strategy of achieving the leadership position in major business centers around the world. We see India - along with China and Japan -- as one of the key drivers of our growth in Asia. We have worked closely with CBRE India as our affiliate, and have now cemented even closer ties as the economy and real estate market in India continue to boom."

Anshuman Magazine, Chairman and Managing Director of CBRE India, said: "CB Richard Ellis is the world leader in commercial real estate, and our new status as a majority owned operation will enable us to better tap into a wealth of resources and the industry's most extensive and capable global platform. We are very enthusiastic about this move, and look forward to expanding the range of services we can offer our clients - in India and around the world."