CBRE signs purchase agreement for consulting firm Bovis Iberia

With this acquisition, the American company enters the construction management business

CBRE has reached an agreement to acquire Bovis Spain and Portugal, the leading company in project management and multisector consulting. This transaction, subject to prior administrative authorisation from the Spanish Government, is expected to be approved in the fourth quarter of this year. Once the process is completed, Bovis will become part of the Project Management & Building Consultancy area of CBRE Iberia.  Spain is the first country where the consulting company will have a centralised area specialised in strategic consulting. Thanks to this new branch, it expects to increase the revenues and profitability of these services in the short term and enlarge its workforce.

According to Adolfo Ramírez-Escudero, CEO of CBRE Spain: "Going forward, we will be better positioned to support our customers on their path to developing more flexible properties with more ambitious energy and sustainability standards". Alberto de Frutos, CEO of Bovis, says: "The integration with CBRE is a major step forward for Bovis and offers new opportunities for both our customers and our employees. As soon as the transaction is complete, we will pool our capabilities to reinforce our joint offering, drive exceptional results and deliver solutions to our customers in every dimension of property development".

Both firms have collaborated on joint strategic projects during the past year, and they will join together once the transaction has been approved to offer customers a comprehensive solution throughout the life cycle of their property assets. This acquisition will also allow CBRE to expand its access to areas in which Bovis has extensive experience, such as the healthcare, sports, pharmaceutical, data centre, aeronautics and industrial sectors, while consolidating its leadership in areas such as offices, retail, hotels and residential. Bovis' main projects include the current refurbishment of the Santiago Bernabéu, the Botín Centre in Santander, the Repsol headquarters, the Mandarin Oriental hotel, the Puerta del Hierro Hospital and the extension to Terminal 1 at El Prat Airport in Barcelona.

Bovis is controlled by Alberto de Frutos, Juan Carlos Hernández-Mansilla and Ignacio Cobos, who in 2013 repurchased their stake from Australia's Lend Lease.

Photo: CBRE