CB Richard Ellis, a leading real-estate services company, expects its global annual revenue to soar about 30 per cent to US$1.8 billion following its recent acquisition of Insignia Financial Group for US$415 million.
The takeover would enable CB Richard Ellis to enlarge its client base and dominate the capital markets in New York and London, said Rob Blain, chairman and chief executive of CB Richard Ellis in the Asia-Pacific region.
Insignia is an international real-estate services and investment-banking firm with leadership positions in the commercial and residential sectors in New York and London.
Mr Blain said the global revenue of CB Richard Ellis could reach US$1.7 billion to US$1.8 billion after the acquisition, up from US$1.3 billion to US$1.4 billion before.
That would be more than two times the global revenue of rival Jones Lang LaSalle, at about US$890 million, and was the highest in the industry, he said.
'The combination enhances the number one services in New York and London. We recognised Insignia had a strong base in New York and London with primary clients in banking institutions, services institutions, finance companies and life companies. All of them who wish to come or do something in Asia will be linked to our corporate services,' Mr Blain said.