CB Richard Ellis Group Inc, а leading global commercial real estate brokerage, said on February 8 it would buy Romanian firm Eurisko Consulting, the largest independent commercial real estate company in the country, for 35 million US dollars, subject to a post closing audit.
"Romania has become a country of strategic interest to our clients as they continue to look east. This latest acquisition enables us to respond to these needs and strengthens our platform in the important Central and Eastern Europe region," CB Richard Ellis president for Europe, Middle East and Africa region, Mike Strong, said in a statement.
"We expect the Romanian commercial real estate market to see substantial growth in the long term. Eurisko has an enviable track record in Romania and we look forward to working together to deliver a very compelling full service platform to both local and international clients," CB Richard Ellis managing director for Central and Eastern Europe, Colin Waddell, added.
Last year, Eurisko reported a turnover of 14.3 million euro, a 20 per cent increase on 2006.
In June 2007, CB Richard Ellis decided to end its six-year partnership with its Romanian affiliate, which has since changed its name to Cornerstone International and is a reported acquisition target for Atisreal, the real estate services subsidiary of BNP Paribas.
