CBRE Group, Inc (NYSE:CBRE) today announced that it has completed the previously announced acquisition of Telford Homes Plc, a leading developer of multifamily residential properties in London.
Telford Homes, which is focused on middle-market, build-to-rent properties, will operate as part of Trammell Crow Company, CBRE’s wholly owned real estate development subsidiary. The acquisition expands Trammell Crow Company’s highly successful US development business into the UK market.
Build-to-rent is a fast-growing sector of the London housing market. This growth is being fueled by changing attitudes about renting versus ownership, greater affordability relative to for-sale housing and limited supply.
“We are excited about the opportunities that Telford Homes affords us,” said Bob Sulentic, president and chief executive officer of CBRE. “The UK is in the early stages of a secular shift toward institutionally owned urban rental housing and Telford Homes’ talented team positions us to lead this trend.”
“The alignment of our business models, people and culture – along with our shared commitment to partners, clients and local communities – makes this a natural fit,” said Jon Di-Stefano, chief executive officer of Telford Homes. “We now have enhanced capabilities to raise capital, acquire the best sites and deliver high-quality properties that meet rising demand for rental housing.”
Mr. Di-Stefano will continue to lead the Telford Homes business. Financial performance for Telford Homes will be reported within CBRE’s Real Estate Investments business segment.
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 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 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.
About Trammell Crow Company
Trammell Crow Company, founded in 1948, is one of the US’s leading developers and investors in commercial real estate. The company has developed or acquired 2,700 buildings valued at nearly $65 billion and over 590 million square feet. As of June 30, 2019, Trammell Crow Company had $10.6 billion of projects in process and $2.5 billion in its pipeline. It employs more than 550 professionals in the US and UK.
About Telford Homes Plc
Established in 2000, Telford Homes Plc, a Trammell Crow Company developer, has grown to be one of London’s largest residential developers and is dedicated to developing the homes and creating the places that London needs. Its customers include institutional investors, housing associations and individuals. Telford Homes is a developer of residential-led, mixed-use sites in locations across London, where the need for homes far exceeds supply. In recent years Telford Homes has undertaken a strategic shift to focus on the growing build-to-rent/multifamily market and is now working with a number of established investors.
