International property consultant CB Richard Ellis Group announced the acquisition of a commercial property asset management and consultancy services firm in Hong Kong in a move to expand its asset management business.
Known as PropertyOne, the company manages a portfolio of investment properties in Hong Kong, including the Hong Kong Club Building on Chater Road and The Ruttonjee Centre, in Central.
PropertyOne's clients include major property investors and corporations. It was established in 2002 by Gerry Kipling, who has more than 28 years of experience in the property industry across Asia.
Kipling established the property management division of Jones Lang LaSalle, became managing director of its Hong Kong office in 1996 and then chief executive of the Asian operation in 1999.
With the acquisition, Kipling joined CB Richard Ellis as executive director, asset services, Hong Kong, Macau and Taiwan. No acquisition price was disclosed.
Craig Shute, senior managing director, Hong Kong, Macau and Taiwan, CB Richard Ellis, said the acquisition 'fits with our strategy to grow our property asset management business in Hong Kong'.
