CBRE Group To Buy Preuss Gesellschaft - Quick Facts

(RTTNews) - CBRE Group Inc. (CBG) announced Friday that it agreed to acquire Preuss Gesellschaft mbH and its subsidiaries. Preuss was founded in 2003 by Norbert Preuss and provides project management services in Germany.

Preuss primarily focuses on project management of new real estate development and refurbishment of large properties. Preuss's clients include leading real estate investors and major occupiers across all sectors of the German economy. Its team of approximately 100 professionals, including architects, civil engineers and HVAC engineers, operate out of offices in Munich, Berlin, Frankfurt and Dusseldorf.

Preuss is CBRE's second acquisition in Germany in 2014, following its February purchase of VALTEQ Gesellschaft mbH, a real estate technical consulting firm.

The acquisition is expected to close by the end of the third quarter 2014. It is subject to German regulatory approval.