Nearly $6bn revenue for CBRE
PROPERTY consultancy CBRE, which has a Birmingham office, has announced a 15 per cent increase in worldwide revenue for 2011 to $5.9bn.
Net income for the year ending December 31, 2011 totalled $334.5m, an improvement of 39% on 2010 figures.
Full-year 2011 results were lowered by selected charges of $95.3m, net of income taxes, which primarily related to the acquisition of the ING REIM businesses and cost containment actions.
Revenue for the fourth quarter of 2011 totalled $1.8bn, an increase of 7% on the fourth quarter of 2010.
Brett White, chief executive officer of CBRE, said: “2011 was a year of unexpectedly tough operating conditions in many parts of the world, particularly in the back-half of the year. Nevertheless, we recorded our second-best year ever for both revenues and normalized EBITDA, enhanced our platform with the ING REIM acquisitions and strategic recruiting, and made other investments that will further position CBRE for leadership across market cycles.”
Martin Guest, who heads up the firm’s Birmingham office, said: “Despite the challenging economic conditions, the Birmingham office increased its overall market share in 2011.
“Our office team won two trophy instructions, Two Snowhill and the Mailbox, whilst our industrial team is acting on most of the region’s key schemes and in 2011 advised on the largest ever letting of a speculatively built shed to Amazon, at Gazeley’s G-Park.
“Going forward, our capital markets team will work to build on a solid 2011 and, following our hire of Ed Gamble, we hope to announce further senior hires in 2012.”
