CBRE Increases Stake In Russian Affiliate

Los Angeles-based real estate services firm CB Richard Ellis has acquired a 51% interest in Russian affiliate Noble Gibbons. CBRE will buy the rest of the company at a later date, according to a release. The transaction cost was not disclosed.

Noble Gibbons, a Moscow-based real estate services firm, was founded in 1994. Last year, the firm completed sales and leasing transactions valued at roughly $233 million. It also manages more than 2.6 million sq. ft. of Russian commercial real estate.

“The Noble Gibbons acquisition fits perfectly with our strategy of establishing a leading position in the world’s top business capitals,” says Brett White, CB Richard Ellis’ president and CEO. “Moscow continues to attract significant investment capital as its economy and real estate markets mature.”

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