Commercial real estate services and investment firm CBRE is acquiring UK asset and development manager Sovereign Centros, which focuses on shopping centres and retail parks, leisure and mixed-use properties.

CBRE said the acquisition, which was made for an undisclosed sum, will boost its asset management and development management capabilities, particularly in retail, expanding the company’s client relationships and deepening its expertise across sectors.

In August, CBRE also acquired German retail consultancy Prime Consulting, expanding its retail advisory business in the country. Düsseldorf-based Prime Consulting specialises in leasing, advisory and property management services for shopping centres and retail parks across Germany.

The Sovereign Centros 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.

Sovereign Centros is known for managing projects including 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.

Ciaran Bird, divisional president at CBRE’s advisory services unit and CEO, 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.”

Geaves 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.”

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