CB Richard Ellis has been appointed real estate advisor for United Technologies Corporation's property portfolio in Europe, the Middle East, Africa (EMEA) and Russia.
CB Richard Ellis has been appointed real estate advisor for United Technologies Corporation's property portfolio in Europe, the Middle East, Africa (EMEA) and Russia.
CBRE will assume immediate responsibility for service delivery for UTC's regional property portfolio, which is spread across 38 countries. The UTC portfolio comprises a total of 2.6 million m2 and incorporates 2,231 sites. The broker was selected by UTC after a comprehensive market evaluation process conducted over the past half year.
Stephen Forino, UTC's general manager of Global Real Estate, said: 'As we continue our efforts to drive value from our global property holdings our relationship with CBRE enables us to leverage considerable local market resources and a property services platform that can drive meaningful results for our businesses at a strategic level.'
'As conditions throughout the European economy continue to improve, we are confident this will create ongoing opportunities for large occupiers like UTC to be even more creative with their property strategy and the management of their occupancy spend,' said Andrew Hallissey, head of Client Strategies, EMEA for CBRE. 'It's critical that large occupiers maximize their real estate opportunities and deliver a consolidated approach to the management of their property portfolio.'