CBRE Group has acquired Geico Lender, an Italian building technical engineering services provider.
Geico Lender will operate as part of CBRE’s Global Workplace Solutions (GWS) business in Italy.
'This acquisition adds extensive and complementary market-leading facilities management expertise to our existing GWS platform,' commented Ian Entwisle, CEO of CBRE GWS EMEA. 'Furthermore, it provides a strong platform from which to continue to build our facilities management capabilities in Italy and across Europe as a vital part of integrated occupier services for our clients.'
Founded in 1989, Geico Lender employs more than 300 staff members operating from six locations across Italy. The company provides services focused on the maintenance and installation of HVAC, building automation and other technological systems for financial institutions and other private sector companies.
'CBRE’s global footprint and broad occupier service offering is a critical factor which will enable us to deliver more advantages to our clients,' said Clemente Cilli, CEO and founder of Geico Lender. 'We believe CBRE is the right cultural fit for us and importantly, we share a common ambition to continue to build and expand the business and to ensure we deliver world-class service to our clients.'
'There is a growing trend amongst Italian corporations to outsource technical services and now with the expertise of Geico Lender within CBRE, we are in an even stronger position to deliver exceptional outcomes for our clients,' concluded Entwisle.
Geico Lender was advised by EY as financial advisor, and Studio Legale Ughi e Nunziante on legal matters.
