CBRE completes Telford acquisition

CBRE has completed the £267.4m acquisition of London developer Telford Homes. Telford will now operate as part of CBRE’s development subsidiary Trammell Crow Company. The acquisition marks TCC’s entrance into the UK build-to-rent market, after London-based Telford pivoted its business away from the capital’s for-sale market. Telford chief executive Jon Di-Stefano will continue to lead the business. Chairman Andrew Wiseman and non-executive director Jane Earl have tendered their resignations and stepped down from the board from today. Bob Sulentic, president and chief executive of CBRE, said: “The UK is in the early stages of a secular shift toward institutionally owned urban rental housing and Telford Homes’ talented team positions us to lead this trend.” Di-Stefano added: “The alignment of our business models, people and culture – along with our shared commitment to partners, clients and local communities – makes this a natural fit. We now have enhanced capabilities to raise capital, acquire the best sites and deliver high-quality properties that meet rising demand for rental housing.” To send feedback, e-mail emma.rosser@egi.co.uk or tweet @EmmaARosser or @estatesgazette