CB Richard Ellis Acquires Eurisko, The Largest Independent Real Estate Services Firm in Romania
Bucharest, Romania, 8 February 2008 -- CB Richard Ellis Group, Inc. today announced the acquisition of Eurisko Consulting SRL, the largest independent commercial real estate services company in Romania. The purchase price is approximately $35.0 million, subject to a post closing audit. The acquisition further enhances CB Richard Ellis’ ability to deliver the premier commercial real estate services offering across Central and Eastern Europe (CEE) by giving the Company a leading position in one of the region’s fastest growing economies.
ounded in 1997, Eurisko is one of the top real estate services companies in Romania. It employs 120 professionals and is based in Bucharest with offices in key cities across the country. The company has developed a strong reputation in investment, agency, valuation, consultancy and research, and has an extensive client portfolio.
Accession to the EU, strong economic growth and a skilled, low-cost labour force have fuelled the rapid growth of Romania’s real estate market over recent years. This acquisition is particularly significant because it increases CB Richard Ellis’ ability to present the broadest range of opportunities to investors seeking high yields available in CEE. It also enables the Company to assist corporate clients that are considering Romania as a location for their back office and support centres.
Mike Strong, President of CB Richard Ellis, EMEA, said: "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 CEE region.”
Colin Waddell, Managing Director CEE for CB Richard Ellis, said: “We expect the Romanian commercial real estate market to see substantial growth over 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.”
Radu Lucianu, Managing Partner at Eurisko added, “Combining our resources with CB Richard Ellis will bring us the international expertise and market insight of the leading commercial real estate services provider in the world, resulting in further added value for our clients. We are looking forward to working with CB Richard Ellis’ corporate and investor clients who are active in the region.”