CB Richard Ellis Group, the world’s largest property broker, is transforming its UK finance arm into a real-estate banking unit to deal with the expected rise in problematic loans, according to a report by news wire Bloomberg.
CB Richard Ellis Group, the world’s largest property broker, is transforming its UK finance arm into a real-estate banking unit to deal with the expected rise in problematic loans, according to a report by news wire Bloomberg.
The agency has hired four London-based bankers with real estate expertise to boost its corporate finance operation’s debt advisory, loan servicing and fund-raising functions, the head of UK Martin Samworth told Bloomberg in an interview at Mipim, the international real estate fair conference in Cannes.
The fees that CBRE hopes to earn from its real-estate banking services will replace some of the lost revenue from the collapse in the UK investment market.
