Advisor CBRE has announced the acquisition of one of the UK’s largest asset management and development management business, Sovereign Centros, for an undisclosed amount.
This acquisition will enhance CBRE’s asset management and development management capability, particularly within retail, expanding the company’s client relationships and growing its expertise across sectors, CBRE said.
Sovereign Centros focuses on shopping centres and retail parks, leisure and mixed-use properties, with nearly 14 million ft2 under management. It works with a wide range of global capital, banking and financial institutions and leading pension funds. Key projects include asset management of 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.
Its team of 30 professionals will join CBRE’s existing Asset Management and Development Management teams, which will be led by Chris Geaves, Chief Executive of Sovereign Centros.
Ciaran Bird, divisional president, CBRE Advisory Services, CEO, UK & Ireland, commented: '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.'
Chris Geaves, Chief Executive of Sovereign Centros, commented: 'Investors are increasingly looking to outsource due to the challenging environment, so it presents the team with a huge opportunity.'