CBRE Group Inc. and Excellerate Property Services have agreed to form a joint venture to meet the growing demand for high-quality real estate services in Africa and the Middle East.
The joint venture, CBRE Excellerate will merge CBRE’s facilities management operations in Africa and the Middle East with several of Excellerate’s businesses, including corporate real estate services, facilities management, valuation and project management services as well as property management services outside of South Africa.
Excellerate’s property management operations and its soft-services business in South Africa will not be part of the joint venture; CBRE will continue to operate a wholly-owned advisory services business in the Middle East and North Africa.
Ian Entwisle, CEO Global Workplace Solutions, EMEA, said:
“International corporations are increasingly looking for full service real estate solutions across Africa and the Middle East. Excellerate is the ideal partner to help us deliver these services because of its excellent reputation and track record in integrated facilities management and specialist technical solutions, and its coverage spanning more than thirty countries.”
Gordon Hulley, CEO, Excellerate Holdings added:
“Our partnership with CBRE aligns with our core values and by structuring our relationship as a joint venture, rather than an alliance, we will pool our respective skills and expertise and foster intense collaboration, which will drive superior client outcomes.”
Marna van der Walt, CEO of Excellerate Property Services, agrees:
“The joint venture partnership with CBRE will allow us to provide seamless coverage across the region and services that meet the highest global standards. It is a privilege to partner with an organisation of CBRE’s calibre, and we look forward to growing and strengthening our business.”
With the formation of the joint venture, Excellerate will end its affiliation with Cushman & Wakefield. Excellerate will work closely with Cushman & Wakefield to ensure continuity of services for existing client assignments. CBRE’s affiliation with Broll Property Services in South Africa, Nigeria, Ghana and Indian Ocean will also end with the formation of the CBRE Excellerate joint venture.
The formation of CBRE Excellerate is subject to customary closing conditions, including government approvals, and is expected to be completed in [the first half of 2019].