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CBRE Buys Omaha Affiliate, Strengthens Foothold in Midwest

Zacks Equity Research

CBRE Group, Inc. CBRE recently announced that it has acquired longtime affiliate, CBRE | MEGA, operating in the greater Omaha, NE area. Notably, CBRE | MEGA is one of the largest full service commercial real estate services firms in the city, and has more than 100 client-service professionals who offer sales, leasing and project management services.

The firm manages a portfolio of more than 5.5 million square feet of space and has been an affiliate of CBRE Group since 2000. Per management, the acquisition will strengthen the company’s existing presence in the Midwest. Further, it believes that through this collaboration, the company can leverage on the affiliate’s broad-ranging expertise, thereby delivering impressive results for its clients.

Management also noted that the affiliate’s clients will benefit from CBRE Group’s broad range of services, global footprint and deep pockets of funds, including ongoing technology investments.

In a different press release, it was announced that CBRE has been chosen to provide facilities and project management and related services to the Province of British Columbia’s real estate portfolio spanning 17 million square feet of space.

The portfolio is managed through the Province’s Ministry of Citizens’ Services and contains a mix of owned, leased and managed assets, like offices, corrections centers, courthouses and warehouses.

Notably, CBRE Group offers portfolio-level real estate assistance through the company’s Global Workplace Solutions (“GWS”) business. The GWS business provides occupiers of real estate with a variety of contractual services, like project management, facilities management, transaction management and management consulting.

In fact, as occupiers of real estate are increasingly opting for outsourcing and depending on the expertise of third-party real estate specialists to achieve improvement in execution and efficiency, the company’s GWS business is poised to grow.

Shares of this Zacks Rank #3 (Hold) company have gained 23% compared with the industry’s rally of 18.6%, over the past six months.

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FirstService Corporation FSV flaunts a Zacks Rank of 1 (Strong Buy), currently. The Zacks Consensus Estimate for the company’s 2019 earnings has moved up nearly 5% to $2.96 over the past 30 days. You can see the complete list of today’s Zacks #1 Rank stocks here.

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