Tuesday, February 12, 2008

CBRE Acquires Eurisko of Romania for $35M

By Michelle Deakin
BUCHAREST, ROMANIA-CB Richard Ellis Group will acquire locally based Eurisko Consulting. The purchase price is reported to be approximately $35 million.

Founded in 1997, Eurisko is one of the top real estate services companies in Romania. Employing 120 people, it has offices throughout the country. Its services include investment, agency, valuation, consultancy and research, and it has an extensive client portfolio.

Romania joined the European Union in 2007. That alliance, coupled with economic growth and a low-cost labor force, has fueled the growth of Romania’s real estate market. It is a strategic acquisition for CB Richard Ellis, increasing the company’s ability to work with investors seeking the high yields available in Central and Eastern Europe. It also enables CB Richard Ellis to assist companies that are considering Romania as a location for their back office and support centers.

"Romania has become a country of strategic interest to our clients as they continue to look east,” says Mike Strong, president of CB Richard Ellis, in a prepared statement. “This latest acquisition enables us to respond to these needs and strengthens our platform in the important CEE region.”

Colin Waddell, managing director of Central and Eastern Europe for CB Richard Ellis, says “we expect the Romanian commercial real estate market to see substantial growth over the long term. Eurisko has an enviable track record in Romania and we look forward to working together to deliver a very compelling full service platform to both local and international clients.”

Radu Luciano, managing partner of Eurisko says “combining our resources with CB Richard Ellis will bring us the international expertise and market insight of the leading commercial real estate services provider in the world, resulting in further added value for our clients. We are looking forward to working with CB Richard Ellis’ corporate and investor clients who are active in the region.”

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