Richard Ellis (CBRE), the world’s largest property services firm, has bought the remaining 49 percent of Russian advisory firm Richard Ellis Noble Gibbons.
CBRE bought the stake for an undisclosed sum from Russian private equity and real estate firm Alfa Capital Partners.
In April of this year, CBRE purchased its initial 51 percent stake in Noble Gibbons, after which the company was renamed Richard Ellis Noble Gibbons.
The Russian firm was founded in 1994 and has 230 staff including 115 in property and facilities management. In 2005 it advised on $233 million (€180 million) worth of deals including property investments and lease agreements.
Russia is beginning to emerge as a hotspot for foreign investors which CBRE hopes to cash in on. Last July, Britain’s Raven Russia, formed by developer Raven Mount, raised over £150 million in an initial public offering. Last month, Morgan Stanley Real Estate Fund made its first foray into the Russian market by buying 10 percent of developer RosEuroDevelopment.
Michael Strong, president of CBRE Europe Middle East and Africa operations, said: “Noble Gibbons is an important addition to our capabilities in Europe, and a key building block in the development and expansion of our resources across Central and Eastern Europe. This is an opportune time to integrate the business into our platform, as we increasingly offer occupiers and investors solutions on a pan-European basis.”
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