CB Richard Ellis has strengthened its presence in the UK property market with the acquisition of Grenville Smith & Duncan (GSD), a commercial real estate services company with a leading market position in the central and northern regions of the UK. Founded in 1991, GSD has developed a strong reputation and track record in office investment, agency leasing, commercial property management and building consultancy. The firm has about 40 employees operating in Leeds and Birmingham.
CB Richard Ellis has strengthened its presence in the UK property market with the acquisition of Grenville Smith & Duncan (GSD), a commercial real estate services company with a leading market position in the central and northern regions of the UK. Founded in 1991, GSD has developed a strong reputation and track record in office investment, agency leasing, commercial property management and building consultancy. The firm has about 40 employees operating in Leeds and Birmingham.
The financial details of the transaction were not disclosed.
'The acquisition of GSD marks another strategic step in the expansion of CB Richard Ellis' full-service capability in major business centres across Europe, and continues our strategy of developing the strongest service offering throughout the EMEA region,' said Mike Strong, president of CB Richard Ellis, EMEA.
Adrian McStay, chairman of GSD, added: 'After considering a number of alternative directions for our business, we saw a future with CB Richard Ellis as clearly the best pathway for GSD because of its global platform, leading market position in the UK, and the compatibility between our firms in terms of excellence in client service and staff opportunities.'
The former GSD operations will immediately adopt the CB Richard Ellis brand. Adrian McStay will remain with the combined company as chairman of Commercial Markets for the Midlands and North regions of the UK.
