International property adviser CB Richard Ellis has boosted its presence in the Italian market with the acquisition of Espansione Commerciale, the market leader in shopping centre leasing and property management. Financial details were not disclosed. The acquisition makes CB Richard Ellis the number one commercial property services provider in Italy, the company said in a statement.
International property adviser CB Richard Ellis has boosted its presence in the Italian market with the acquisition of Espansione Commerciale, the market leader in shopping centre leasing and property management. Financial details were not disclosed. The acquisition makes CB Richard Ellis the number one commercial property services provider in Italy, the company said in a statement.
Espansione manages approximately 50 shopping centres across Italy and dominates the country’s shopping centre leasing and property management services sector with a 15% market share. Espansione has offices in Modena, Milan and Rome with approximately 110 employees, including 50 shopping centre managers.
'This acquisition benefits our business at every level. It gives us the leadership position in a European market that is of strategic importance to our clients, ensures that our Italian business has a balanced mix of advisory and professional services offerings, and represents another vital step in our strategy to build the premier retail services capability across Europe,' said Mike Strong, chairman of CB Richard Ellis, EMEA.
