CBRE appoints new managing director for Spanish Business

Leading global real estate advisor CBRE announces that Adolfo Ramírez-Escudero, will become Managing Director of its Spanish business, CBRE Spain, effective from 1 August 2013.

Adolfo joined CBRE in 1994 as part of the London Capital Markets team, transferring to the Madrid office in 1996. During his career, he has worked with a vast range of domestic and international occupier, investor and developer clients providing advice across a diverse range of sectors. He has led the Spanish Capital Markets business and been a member of the country’s management team since 2005.

Adolfo succeeds Eduardo Fernández-Cuesta, who has been with CBRE for 25 years and led CBRE Spain for 15 years. Eduardo leaves the company to pursue new opportunities and professional projects. To ensure a smooth transition for teams and all of CBRE’s clients, Eduardo will become Non-Executive Chairman of CBRE Spain with effect from 1 August 2013 until 31 December 2013.

Under Eduardo’s management, the CBRE Spain has significantly expanded its services and client base, opening an office in Morocco in 2005, and supporting the development of CBRE’s presence in Portugal and Turkey. More recently, Spanish Desks have also been established in Mexico, Brazil and Chile to facilitate Spanish and European investments into these growing Latin American countries. These innovations have already resulted in several significant deals, and also brought investors to Spain.

Despite the challenges experienced in the Spanish economy and real estate market, CBRE has built the country’s leading real estate advisory business, carrying out over 800 individual client mandates in 2012. In 2013, the company has continued its successful operations including winning the mandate to value Sareb’s assets and advising on the recent €450 million sale of the Tour Adriá in Paris by an affiliate of Spanish company Testa.

Michael Strong, Executive Chairman, EMEA CBRE, commented:

“Adolfo is an outstanding strategic real estate advisor and recognised by his peers as one of the best in our industry. We are delighted that he has agreed to head our Spanish business.

“Eduardo has led our Spanish team through an unprecedented time for our industry. On behalf of the company, I would like to personally thank to him for all he has achieved, including the formation of a formidable management team and the creation of a market leading business. In his role as Non-Executive Chairman he will continue to work closely with clients and the country’s management team to ensure a completely smooth transition.”

Adolfo Ramírez-Escudero, added:

"It is a great honour and a terrific opportunity to be appointed to lead CBRE Spain and our highly respected teams. CBRE and its professionals form a unique environment and we will continue to be the consultancy market benchmark in Spain providing valuable solutions to our clients both in consolidated markets as well as with regards to expanding.”

Eduardo Fernández-Cuestaa, said:

“After 15 years leading our Spanish business, it’s time to hand over the baton to someone else and take on new professional challenges. I am certain that CBRE and its team of professionals in Spain will maintain and even increase its leading position in the market under the management of Adolfo.”