CBRE Group, Inc. (NYSE:CBRE) has completed the acquisition of substantially all of the business and assets of Race Property, a retail leasing and property management firm in Australia. The acquisition strengthens CBRE’s position as a leader in commercial real estate services in the Pacific (Australia and New Zealand) region.
Race Property’s team of professionals will be integrated within CBRE’s existing Asset Services and Retail Leasing business lines in Australia. The combined operation will employ more than 130 professionals with broad and deep capabilities in the retail property sector.
Led by co-directors Graeme Wakefield and Meagan Wakefield, Race Property has provided dedicated retail services in the Queensland and northern New South Wales markets for more than 10 years.
Race Property provides integrated retail property services across all property types within the sector, including super-regional, regional, community and neighborhood retail centers.
Ray Pittman, President and CEO of CBRE’s Australian & New Zealand operations, said the acquisition reflected CBRE’s continued focus on the growth of its retail platform and ongoing strategy to diversify into new growth areas.
“We will now be able to provide a more specialized and first-class offering to our clients across the Pacific region, building on Race Property’s reputation and track record as a market leader in retail services,” Mr. Pittman said.
“We see this as an outstanding opportunity to expand and enhance our footprint across the Pacific region with a greater holistic approach, encompassing retail facilities management, property management, finance and leasing. This fully integrated retail leasing and management platform will also complement our existing retail investment sales and financing capabilities,” Mr Piitman added.
Ms. Wakefield and Mr. Wakefield will assume responsibility for CBRE Retail Asset Services and CBRE Retail Leasing, which, going forward, will operate on a more integrated basis.
Ms. Wakefield said CBRE’s global capabilities in the retail services sector was a key attraction, allowing Race Property to enhance its expertise with a company recognized as a global leader.
“The strength of the CBRE brand will enhance our ability to continue to cultivate sustainable client relationships in the retail sector and, importantly, it will enable us to offer our staff superior career opportunities,” Ms. Wakefield said.
Race Property has more than 2 million sq. ft. of property under management in Queensland and Northern New South Wales, with clients including ISPT, SCA, Rockworth, Coles and Fabcot.