Turner & Townsend doubles with CBRE's project management business

08 July 2024 Consultancy.uk 2 min. read
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Turner & Townsend has agreed a deal to add CBRE’s Project Management practice to its business, in a move that will more than double its headcount to over 20,000 employees in 60 countries.

The deal between the two companies comes on the back of a partnership that goes back to 2021, and will see the creation of one of the world’s largest consulting firms dedicated to project and program management services in the built environment.

Turner & Townsend advises clients such as builders, infrastructure and real estate developers, and companies across their entire construction project lifecycle. The firm also supports cost management, commercials, procurement, as well as provides related digital solutions.

Turner & Townsend doubles with CBRE's project management business

CBRE previously held a 60% stake in Turner & Townsend, following their 2021 deal that valued Turner & Townsend at approximately £1.6 billion ($2.2 billion). Under CBRE’s wings, Turner & Townsend accelerated its growth, booking double-digit growth over the past three years.

The latest deal will see CBRE’s Project Management business integrate into Turner & Townsend, adding around 10,000 staff and lifting net revenue to roughly $3 billion. Terms and conditions of the transaction have not been disclosed, what has been released publicly is that CBRE will upon closing up its stake in Turner & Townsend to 70%.

“Unifying our project management business will create an offering that is unmatched for its scale and breadth of capabilities,” said Bob Sulentic, chair and chief executive officer of CBRE.

Vincent Clancy, chief executive officer of Turner & Townsend, added: “Our ambition since joining forces with CBRE in 2021 has been to create the premier, differentiated program, project and cost management capability globally. We have made exceptional progress towards this goal and our revenue and profit have grown significantly in the last three years”

“With the combining of two great businesses into one integrated, pure play project management capability, Turner & Townsend’s momentum will continue.”

CBRE is the UK’s top real estate consulting firm in the UK, according to ConsultancyUK’s latest industry benchmark, and similarly, Turner & Townsend ranks among the leading players in its segment.