CBRE/Insignia deal could spark London jobs cull

CB Richard Ellis is in talks to buy Insignia Financial Group in a $400m deal that would create the world’s largest real estate broker. An Insignia spokesman said it was in discussions with “respect to a proposed combination of the two organisations”. The company said it would elaborate on the decision if and when a deal was completed. A report on the real estate website GlobeSt.com attributed any decision by Insignia to sell to founder Andrew Farkas’s determination to focus on other interests. CBRE is determined to break into the lucrative New York real estate market where Insignia is particularly strong. Both companies have links with the UK’s Richard Ellis. The Daily Telegraph reports that sources believe that the groups’ London offices will be hard hit by job culling following the merger because of the duplication of the services they provide. References: Financial Times 08/02/03 page 12, Daily Telegraph 08/02/03 page 29, The Times Business 08/02/03 page 52