CBRE Group, Inc. Enters into Agreement to Acquire Majority Interest in Facilities Management Provider Ramot Group in Israel
LOS ANGELES--(BUSINESS WIRE)-- CBRE Group, Inc. (NYSE:CBRE) today announced that it has entered into an agreement to acquire a majority interest in the Ramot Group (Ramot), a leading facilities management provider in Israel.
Founded by Shlomo Margolin in 1993, Ramot, based in Tel Aviv, employs more than 750 staff and manages an extensive portfolio of facilities. Ramot’s substantial capabilities include technical maintenance, project management, cleaning services, reception administration and environmental health and safety.
The Ramot Group will operate as part of CBRE’s Global Workplace Solutions (GWS) (occupier outsourcing) business in Israel and adds an extensive suite of integrated facilities management and specialist technical capabilities for local and international clients. CBRE has a long-established relationship with Ramot, which has been a service provider to some of its corporate clients in Israel since 2009.
This Ramot acquisition follows CBRE’s April 2018 purchase of its long-standing affiliate partner in Israel MAN Properties, which provides capital markets and leasing services to occupiers and investors in the office, technology and retail sectors. CBRE’s newly expanded presence in the Israeli market will provide it with an extensive suite of services and the ability to serve occupier and investor clients’ needs at every stage of the property life cycle.
Ian Entwisle, Chief Executive Officer, GWS EMEA at CBRE, said: “This acquisition adds extensive and complementary market-leading facilities management expertise to our existing GWS capabilities as part of our integrated service offer for our occupier clients. The Ramot team is highly regarded in the market and we are now in an even stronger position to deliver exceptional outcomes for our clients and to continue building a world-class offering in the region.”
Harry Lipschitz, one of the Founders of Ramot, said: “Ramot has enjoyed a long and successful relationship with CBRE over many years and has been an important part of CBRE’s service delivery in the region. This transaction will allow us to bring world-class, fully-integrated services and technological advantages to our Israeli and international clients.”
The Ramot acquisition is subject to customary regulatory approvals and is expected to close in the third quarter of 2018.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
Certain of the statements in this release regarding the acquisition of Ramot Group that do not concern purely historical data are forward-looking statements within the meaning of the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are made based on our management’s expectations and beliefs concerning future events affecting us and are subject to uncertainties and factors relating to our operations and business environment, all of which are difficult to predict and many of which are beyond our control. Accordingly, actual performance, results and events may vary materially from those indicated in forward-looking statements, and you should not rely on forward-looking statements as predictions of future performance, results or events. Numerous factors could cause actual future performance, results and events to differ materially from those indicated in forward-looking statements, including, but not limited to, our ability to successfully integrate Ramot with our existing operations in Israel and our facilities management services across EMEA and around the world, as well as other risks and uncertainties discussed in our filings with the U.S. Securities and Exchange Commission (SEC). Any forward-looking statements speak only as of the date of this release. We assume no obligation to update forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information, except to the extent required by applicable securities laws. If we do update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements. For additional information concerning factors that may cause actual results to differ from those anticipated in the forward-looking statements and other risks and uncertainties to our business in general, please refer to our SEC filings, including our Form 10-K for the fiscal year ended December 31, 2017 and our Form 10-Q for the period ended March 31, 2018. Such filings are available publicly and may be obtained from our website at www.cbre.com or upon request from the CBRE Investor Relations Department at firstname.lastname@example.org.
Source: CBRE Group, Inc.
Released June 20, 2018