CBRE strikes deal to acquire CWM

CBRE has agreed a deal to buy CWM, one of the UK’s best-known retail property agents. The deal is a major sign of faith in the sector from CBRE, which has outlined its expectations for a meaningful bounce-back in activity as the economy recovers. The consultancy, founded in 1992, focuses on the retail, restaurant and leisure sectors. It is headed up by founding partner Scott Murdoch. Known as Project Heddon, the deal will close after a staff consultancy process in accordance with TUPE regulations. After this, the full CWM team will operate as part of CBRE’s UK retail business, trading under the CBRE brand. It will operate from CBRE’s UK headquarters at Henrietta House, W1, (pictured) relocating from its existing premises at nearby Heddon Street. Murdoch will be appointed chairman of UK retail at CBRE, working closely with its head of UK retail Rhodri Davies. CBRE said CWM’s expertise will “significantly strengthen” its retail and leisure real estate capabilities across the UK. CWM’s client base includes more than 60 retail brands such as Tommy Hilfiger, Hugo Boss, Pret A Manger and The Body Shop. It also advises major London estates such as Battersea Power Station, Covent Garden and Marylebone Village. Its shopping and travel retail leasing work includes Edinburgh’s St James Quarter, the O2, Borough Yards, Paddington Central, Broadgate, Waterloo and King’s Cross St Pancras. Landlord clients include British Land, Delancey, Derwent London, Landsec, Nuveen, Shaftesbury and Standard Life Investments. Its services include strategic advice to retailers and landlords, high street agency, shopping centre leasing, lease management and professional services. It also has specialist teams focused on restaurants, leisure, outlet and transport hubs. Ciaran Bird, divisional president, advisory services, chief executive UK & Ireland at CBRE, said: “We are anticipating a significant rebound in retail market activity as the economy improves, as well as the continued large-scale repositioning of retail real estate as retailers adapt their offering to meet changing consumer demands. “CWM has always been highly regarded as a leading retail adviser and combining its team alongside our established retail specialists will ensure we have a formidable market offering that can provide clients with the very best strategic consultancy advice.” Murdoch said: “Almost 30 years ago to the day since CWM was founded, we are all extremely excited to move on to the next chapter of our journey and become part of CBRE. “Unquestionably, CBRE is by far the leading global retail real estate advisory business and our blend of skills and instructions in the UK should make us a potent force in the industry. “We are already seeing a significant bricks-and-mortar bounceback in the retail and leisure market in the wake of the pandemic, and while the retail landscape has changed profoundly, it is now universally accepted that retail standalone store representation is an essential part of this multi-channel world we live in, and that it is likely this will always be the case. We want to be at the vanguard of this change and provide the best-in-class advice.” While CWM’s agency team is part of the business, there are a few operations held in vehicles that CWM has stakes in. The out-of-town operations, launched by former JLL directors Nick McConnell and Mark Rudman in November, is one such business. The investment team, co-founded by John Miles, is another joint venture, as well as CWM’s retail consulting division, led by equity partner Jonathan De Mello. See which agents are transacting the most retail space in the UK property market >> To send feedback, e-mail pui-guan.man@eg.co.uk or tweet @PuiGuanM or @EGPropertyNews