CBRE acquires Norland Managed Services

CBRE has acquired property engineering specialist Norland Managed Services for £250m.

The property consultancy, which has an operation in Manchester, has also agreed to £50m of deferred contingent consideration as well as a payment for excess working capital and related items as part of the deal.

London-based Norland is a provider of commercial building technical engineering services in the UK and Ireland.

It is particularly well known for its expertise in critical environments, such as data centres and trading floors – a growing market segment requiring specialised knowledge and experience. It has 4,000 employees in 14 offices.

CBRE says the acquisition will allow it to self-perform building technical engineering services, providing its client base with fully integrated outsourcing services.

CBRE’s Bill Concannon said: “Norland is a strong complement to our global platform. We will have the ability to self-perform building technical engineering services in Europe, as we already do for more than 850m sq ft of client properties in North America, Latin America and Asia-Pacific.

“This transaction will significantly enhance our service offering, enable us to provide an integrated suite of outsourcing services and deepen our relationships with global and multi-national occupiers.”

Norland reported revenue of £385m in the year to April.