Research Desk Line-up: Forest City Realty Trust Post Earnings Coverage
LONDON, UK / ACCESSWIRE / August 11, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for CBRE Group, Inc. (NYSE: CBG), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/'symbol=CBG. The commercial real estate and investment Company announced on August 09, 2017, that it has completed the acquisition of controlling stake in Toronto, Canada based Caledon Capital Management Inc. The Company had signed the acquisition agreement with Caledon on June 09, 2017. For immediate access to our complimentary reports, including today's coverage, register for free now at:
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Discover more of our free reports coverage from other companies within the Property Management industry. Pro-TD has currently selected Forest City Realty Trust, Inc. (NYSE: FCE-A) for due-diligence and potential coverage as the Company announced on August 03, 2017, its financial results for Q2 2017 which ended on June 30, 2017. Tune in to our site to register for a free membership, and be among the early birds that get our report on Forest City Realty Trust when we publish it.
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Post completion of the transaction and as per terms of the agreement, Caledon will become part of CBRE Global Investors, an independently operated investment management subsidiary of CBRE Group. Here onwards, Caledon will operate under the name of CBRE Caledon Capital Management Inc., (CBRE Caledon). Caledon's existing management team will continue to manage the business and maintain significant long-term ownership.
Going forward, CBRE Caledon will continue to operate as a leading infrastructure and private equity solutions provider. The firm will seek out and manage high-quality investment opportunities and build comprehensive and customized infrastructure and private equity portfolios with the aim of creating long-term value for its clients. The firm's business model envisions the combining of direct investments, co-investments, secondary investments, and primary fund investments in a way that meets each client's unique investment objectives. The firm is already offering its services via customized separately managed accounts, portfolio management advisory solutions and pooled funds.
Commenting on the completion of the acquisition of majority stake in Caledon, Ritson Ferguson, CBRE Global Investors' CEO, said:
"Infrastructure is a strategic component of an allocation to real assets, and we expect client demand for it will continue to increase. The CBRE Caledon team has deep experience and a strong track record investing around the globe, so this acquisition is important in helping us meet our clients' needs."
David Rogers, Founding Partner of CBRE Caledon, added:
"The powerful CBRE platform will enable us to expand the range of investment solutions we can deliver to investors as we work to continue achieving outstanding performance for clients."
The Deal
On June 09, 2017, CBRE Group had announced the signing of an agreement to acquire a controlling stake in Canada's Caledon Capital, an investment management business specializing in private infrastructure and private equity investments. The acquisition was done with the aim of expanding CBRE Group's Infrastructure Business. The transaction would allow CBRE to expand its global footprint and take advantage of larger quality investment opportunities globally, in infrastructure investing. The financials and other terms of the agreement were not shared by both parties.
Caledon has an experienced management team of 30 people who will continue to operate the Company's business under the new ownership once the transaction is completed. Caledon's management team has in-depth knowledge and experience in infrastructure and private equity investing. Most of Caledon's team has earlier worked for Canadian pension plans and would bring this experience to the newly formed Company. Caledon's team in Toronto managed approximately $7 billion (over CA$9 billion) of assets for institutional investors through a combination of direct investments, co-investments, secondary and primary funds. The acquisition will be complementary to the range of investment solutions offered by CBRE Global Investors and its publicly traded equity management affiliate, CBRE Clarion Securities.
About CBRE Group
Los Angeles, California based CBRE Group is the world's largest commercial real estate services and investment firm (on basis of revenues earned in FY16). Some of the broad range of integrated services offered by the CBRE Group includes facilities, transaction and project management, property management, investment management, appraisal and valuation, property leasing, strategic consulting, property sales, mortgage and development services. The Company has over 450 offices (excluding affiliates) across the globe and over 75,000 employees (excluding affiliates).
About CBRE Global Investors
CBRE Global Investors is an independently operated investment management subsidiary of CBRE Group. It is also one of the world's largest global real asset investment management firms. The newly formed CBRE Caledon will be a part of CBRE Global Investors post the completion of the transaction. As on June 30, 2017, CBRE Global Investors' assets under management (AUM) were $98.9 billion on a combined pro-forma basis and considering the acquisition of controlling stake in Caledon.
Last Close Stock Review
At the closing bell, on Thursday, August 10, 2017, CBRE Group's stock slipped 3.34%, ending the trading session at $35.65. A total volume of 2.04 million shares have exchanged hands, which was higher than the 3-month average volume of 1.76 million shares. The Company's stock price surged 2.09% in the last three months, 12.92% in the past six months, and 19.07% in the previous twelve months. Moreover, the stock rallied 13.21% since the start of the year. The stock is trading at a PE ratio of 17.43 and currently has a market cap of $12.08 billion.
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