Property adviser CBRE said it has acquired its affiliate company in Turkey in response to increased demand from clients targeting new commercial real estate opportunities in the country.
Property adviser CBRE said it has acquired its affiliate company in Turkey in response to increased demand from clients targeting new commercial real estate opportunities in the country.
The affiliate has offered valuation, leasing, investment, research and consultancy expertise in Turkey for more than 20 years and its client base includes local and regional property companies as well as multinationals operating and/or investing in that country.
Anthony Labadie has been appointed managing director of CBRE's Turkey operations. Labadie joined CBRE's Spanish business in 2004 and established the company's Casablanca office in late 2005. In 2008, he returned to Spain and has led its successful Global Corporate Services offering since then. Feroze Bundhun, the affiliate’s managing director, remains with the business as a consultant to CBRE in Turkey.
Mike Strong, chairman & CEO of Europe, Middle East and Africa (EMEA), CBRE, said: 'This acquisition consolidates our presence in an increasingly important market where both investors and corporate occupiers are converging.'
With a population of 80 million, Turkey has built up a strong record of economic and political stability. It recorded the strongest GDP growth of any European country in 2011 (8%). Its economic performance, and the emergence of an increasingly young and prosperous middle class, have resulted in increased confidence among retailers, developers and investors in the country. Major international retailer brands are expanding aggressively and Turkey currently has the highest shopping centre development pipeline in Europe.
