CBRE snaps up one of UK’s largest asset managers
CBRE has announced its acquisition of Sovereign Centros, one of the UK’s leading asset management and development management businesses.
The acquisition aims to enhance CBRE’s asset management and development management capabilities, particularly within the retail sector.
Sovereign Centros focuses on retail assets such as shopping centres and retail parks, with nearly 14 million sq ft of space under its management. The company works with a number of global capital, banking, and financial institutions as well as pension funds.
Key projects under the asset management of Sovereign Centros include The Metrocentre in Gateshead, Festival Place in Basingstoke, Merry Hill Shopping Centre in Dudley, the Telford Centre in Telford, and the St Enoch Shopping Centre in Glasgow.
The firm’s 30-strong team will join CBRE’s existing asset management and asset development teams, which will be headed up by Sovereign Centros chief executive Chris Greaves.
He said: “We are excited to join forces with CBRE and know that our combined experience and extensive network will be extremely powerful. Investors are increasingly looking to outsource due to the challenging environment, so it presents the team with a huge opportunity.”
Ciaran Bird, CBRE divisional president for advisory services, UK and Ireland, said: “The acquisition of Sovereign Centros is an important part of our strategy to grow our capabilities at pace and secure the strongest talent within asset and development management. This acquisition will ensure we are able to offer an even better service to more clients and allow us to capitalise on the growth opportunities offered by the sector.”