CBRE has completed the acquisition of UK asset management and development management business Sovereign Centros.
Sovereign Centros has nearly 14m sq ft of space under management and works with a wide range of global capital, banking and financial institutions and leading pension funds.
The company focuses on shopping centres and retail parks, leisure and mixed-use properties, and key projects include the asset management of The Metrocentre in Gateshead, Festival Place in Basingstoke, Merry Hill Shopping Centre in Dudley, the Telford Centre in Telford and the St Enoch Shopping Centre in Glasgow.
Sovereign Centros’ 30-strong team will join CBRE’s existing asset management and development management teams, which will be led by Chris Geaves (pictured), chief executive of Sovereign Centros.
Ciaran Bird, divisional president, CBRE advisory services and CEO, UK & Ireland, said: “The acquisition of Sovereign Centros is an important part of our strategy to grow our capabilities at pace and secure the strongest talent within asset and development management. This acquisition will ensure we are able to offer an even better service to more clients and allow us to capitalise on the growth opportunities offered by the sector.”
Geaves added: “We are excited to join forces with CBRE and know that our combined experience and extensive network will be extremely powerful. Investors are increasingly looking to outsource due to the challenging environment, so it presents the team with a huge opportunity.”
