CBRE Acquires Two Australian Firms

SYDNEY-CB Richard Ellis Group Inc. of Los Angeles has acquired two Australian companies, Brookdale-based Bridge Real Estate and Perth-based DTZ Australia. CBRE describes Bridge as the largest commercial real estate service firm on the Northern Beaches of Sydney and DTZ as one of the largest residential valuation enterprises in Western Australia.

Both of the new acquisitions will now adopt the CBRE brand. Bridge, founded in 1963, is a full-service firm involved in industrial, commercial and retail sales. Among the other services it offers are leasing, asset management, property management, occupational, health and safety auditing, project marketing and development consultation.

The residential valuation business of DTZ Australia is called DTZ Australia Residential Valuation Pty. Ltd. It will merge with the existing CBRE office in Western Australia.

The two acquisitions follow earlier CBRE purchases in Australia of Sunshine Coast-based Rafter and O’Hagan in July 2006, Canberra-based McCann Property & Planning in February 2006 and the late 2005 acquisition of the company that previously operated the DTZ franchise in Queensland. When CBRE bought McCann, company officials noted in a GlobeSt.com rerport that international expansion is a key part of the CBRE valuation practice.

According to Tom Southern, CB Richard Ellis president and CEO for Australia and New Zealand, the overall strategy is to “firms that complement our existing platform and fit well culturally.” He says the firm is continuing to evaluate other acquisition candidates.