Acquisition of Leading Development Consultancy Firm Strengthens
Singapore-7 November 2013
CBRE Group, Inc. (NYSE:CBG) has announced the acquisition of Alan Selby & Partners (AS), a leading London prime residential development consultancy, sales and lettings agency focused on the London Docklands market, including Canary Wharf, and the City of London.
The acquisition marks another step in the growth of CBRE’s UK Residential business, which concentrates on the prime Central London market. This is the second significant residential acquisition for CBRE in London in the last 12 months, led by EMEA Managing Director Martin Samworth. CBRE acquired London-based EA Shaw in late 2012.
AS was founded in 1974 by Alan Selby and with a track record of consulting on more than 70 large development schemes, is widely regarded as one of the pioneers of prime residential real estate development in the East End of London. The firm has led several landmark developments that have contributed to the regeneration of London Docklands, including New Providence Wharf, Baltimore Wharf and Pan Peninsula.
Most recently, AS has successfully marketed luxury residential apartments in the City of London, including ‘The Heron,’ one of London’s most high profile new residential developments.
Mark Collins, Chairman of CBRE’s UK Residential business, commented:
“Following the acquisition of EA Shaw in late 2012, the addition of Alan Selby & Partners to our platform is the next exciting chapter in the growth story of CBRE’s prime residential business in Central London. Alan Selby is regarded as a pioneer of prime residential services in the eastern Central London market and will work closely with Lisa Hollands and myself as CBRE targets further business growth.”
CBRE’s fast growing UK residential business, led by Mark Collins and Lisa Hollands, offers a full range of services in the prime segment of the market, including sales, lettings, development consultancy and property management services, as well as development marketing and investment/acquisition capabilities. Over the past two years, CBRE has also built a network of residential experts based in key markets across Europe, the Middle East and Asia to connect foreign buyers with prime opportunities in Central London. CBRE UK Residential serves a range of clients, including Berkeley Homes, Exemplar, CIT and Barratt Homes.
Southeast Asian investors now make up 17 per cent of the buyers of London property, according to CBRE’s Central London Property Market Review published 31 October 2013.
In Singapore, CBRE Executive Director of International Project Marketing, Asia, Darien Bradshaw said “CBRE’s latest acquisition of Alan Selby will certainly strengthen our residential service offering for the benefit of our clients particularly in this region. We have a strong pipeline of central London projects being launched in Singapore and the region in the coming months. Developers are confident of the take-up, going by the current momentum which is slightly ahead of 2012.”
Buying activity for Asian investors remains focussed in Central London and major regeneration sites. Demand in Southbank remains high despite the large-scale development within the market. South Bank Tower, which was released in Asia in Q2, has already sold over a third of its units. One Blackfriars has also sold well, following on from the successes of Riverlight and Embassy Gardens, located in Nine Elms.
London’s credentials as a safe haven for investment remain its greatest asset, and as a result, there is still substantial demand from overseas buyers. Large schemes are still experiencing great success at initial launches along the traditional Asian exhibition path, such as in Hong Kong, Kuala Lumpur, Singapore, and now Bangkok. Buyers from the Middle East were more active in Q3.
Of the acquisition, Alan Selby, Senior Partner, Alan Selby & Partners, added: “We are very proud of our achievements at Alan Selby & Partners and our journey as a business over the years. We have put our clients first at every step along the way and believe that by becoming part of CBRE we can unite our capabilities and reputation in the London market with its global brand and worldwide network. This will enable us to provide the best possible service for clients seeking to take advantage of opportunities in the Central London market.”
Neither CBRE nor its affiliated companies make any warranties or claims on the implied accuracy of the information contained herein.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), 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 2016 revenue). The company has more than 75,000 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.