CBRE closes deal to buy Sovereign Centros
CBRE has closed its deal to acquire retail-focused asset manager Sovereign Centros.
As part of the deal, a 30-strong team will join CBRE’s asset management and development management functions. This will be led by Sovereign Centros chief executive Chris Geaves.
Sovereign Centros focuses on shopping centres and retail parks, leisure and mixed-use properties, with nearly 14m sq ft under management. It works with a wide range of global capital, banking and financial institutions and leading pension funds.
CBRE has closed its deal to acquire retail-focused asset manager Sovereign Centros.
As part of the deal, a 30-strong team will join CBRE’s asset management and development management functions. This will be led by Sovereign Centros chief executive Chris Geaves.
Sovereign Centros focuses on shopping centres and retail parks, leisure and mixed-use properties, with nearly 14m sq ft under management. It works with a wide range of global capital, banking and financial institutions and leading pension funds.
Key projects include asset management of the Metrocentre in Gateshead, Festival Place in Basingstoke, Merry Hill Shopping Centre in Dudley, Telford Centre in Telford and St Enoch Shopping Centre in Glasgow.
Ciaran Bird, divisional president, CBRE Advisory Services, chief executive, UK & Ireland, said: “The acquisition of Sovereign Centros is an important part of our strategy to grow our capabilities at pace and secure the strongest talent within asset and development management. This acquisition will ensure we are able to offer an even better service to more clients and allow us to capitalise on the growth opportunities offered by the sector.”
Geaves said: “We are excited to join forces with CBRE and know that our combined experience and extensive network will be extremely powerful. Investors are increasingly looking to outsource due to the challenging environment, so it presents the team with a huge opportunity.”
The news comes days after CBRE’s development arm Trammell Crow acquired offices developer Candour, as revealed by EG. CBRE also closed a deal to acquire Brookfield Business Partners subsidiary Sera Global, to boost its investment banking offer.
To send feedback, e-mail pui-guan.man@eg.co.uk or tweet @PuiGuanM or @EGPropertyNews
Image: Sovereign Centros
