CBRE GROUP (CBRE) Company Report

CBRE has rebalanced its portfolio from roughly 30% resilient businesses in 2010 to 60% today, focusing on acyclical and secular‐tailwind areas such as data centers to sustain double‐digit top‐ and bottom‐line growth.
The company acquired Pearce Services for $1.2 billion to enter digital infrastructure project management and earlier bought DirectLine to bolster data‐center white‐space build-out capabilities.
Turner & Townsend, integrated via M&A, now generates $3.5 billion in revenue with a 20% CAGR, expanding CBRE’s project and cost consultancy footprint to 60 countries and critical infrastructure sectors.
Data centers represent about 10% of earnings, with CBRE managing 800 data centers globally and overseeing 150 hyperscale projects across advisory, project management, operations, and investment segments.
CBRE will deploy capital through targeted M&A, real‐estate investments, and share repurchases—having bought back several billion dollars of stock while viewing current levels as below intrinsic value.

3 days ago

Transcript

CBRE emphasizes shift to resilient services and infrastructure expansion

CBRE

M&A

New Projects/Investments

Revenue Acceleration/Inflection

CBRE’s business mix is 60% resilient (countercyclical/acyclical & secular tailwinds) versus 40% transactional, up from ~30% in 2010, driving double-digit top- and bottom-line growth.
Data centers represent ~10% of 2024 earnings and CBRE operates across advisory, project management (Turner & Townsend), operations (managing ~800 data centers), and development segments.
Recent M&A includes the $1.2 billion acquisition of Pearce Services for digital infrastructure project management and the prior purchase of DirectLine to bolster data center white-space capabilities.
Capital allocation focuses on strategic M&A, real estate investments, and billions in share buybacks, reflecting confidence in CBRE’s intrinsic value.

3 days ago

Transcript

CBRE outlines strategic shift to resilient businesses and digital infrastructure at JPM 2025 conference

CBRE

M&A

Revenue Acceleration/Inflection

CBRE, now diversified across four dimensions, has shifted to 60% resilient businesses (acyclical or secular tailwinds) from 30% in 2010, expecting continued growth in resilient segments.
Data center services represent ~10% of CBRE’s earnings, encompassing advisory (brokerage, valuations), Turner & Townsend project management (~150 hyperscale sites), operations (manages 800 data centers), and land development/investments.
Strategic acquisitions, including Turner & Townsend (project management business now $3.5 billion with 20% growth rate post-deal) and $1.2 billion Pearce Services integration, bolster CBRE’s digital infrastructure and technical services capabilities.
CBRE’s capital allocation emphasizes M&A, opportunistic real estate investments, and share buybacks, deploying “several billions” in repurchases when stock trades below intrinsic value.
The leasing business has taken market share, with office leasing returning to a “return to the mean” supported by experiential offerings (e.g., Industrious acquisition) and industrial leasing projected to rebound by mid-2026.

3 days ago

Transcript

CBRE issues $750 M 4.900% Senior Notes due 2033

CBRE

Debt Issuance

On November 13, 2025, CBRE Services completed an offering of $750 million aggregate principal amount of 4.900% Senior Notes due January 15, 2033, under an indenture with Computershare Trust Company as trustee.
The Notes are senior unsecured obligations of the issuer, fully and unconditionally guaranteed by CBRE Group, Inc., ranking pari passu with existing senior debt and subject to covenants on liens, sale/leasebacks and mergers.
Net proceeds will be used to repay borrowings under CBRE’s commercial paper program related to the Pearce Services, LLC acquisition and for general corporate purposes.
Interest is payable semi-annually each January 15 and July 15; the issuer may redeem the Notes at par on or after November 15, 2032, and holders have a change-of-control put option at 101%.

Nov 13, 2025, 9:33 PM

8-K

CBRE issues $750M 4.900% Senior Notes due 2033

CBRE

Debt Issuance

On November 5, 2025, CBRE Services, Inc., a wholly-owned subsidiary of CBRE Group, Inc., entered into an underwriting agreement to issue $750 million aggregate principal amount of 4.900% Senior Notes due January 15, 2033.
The offering is underwritten by Wells Fargo Securities, BofA Securities, Citigroup Global Markets and J.P. Morgan Securities, with closing expected on November 13, 2025, under CBRE’s Form S-3 shelf registration.
The notes are priced at 99.813% of par, yielding 4.929% to maturity, with a purchase price to underwriters of 99.188% of principal.
Net proceeds of approximately $743.9 million will be used to repay commercial paper related to the Pearce Services acquisition and for other corporate purposes.

Nov 7, 2025, 9:37 PM

8-K

CBRE acquires Pearce Services for $1.2B to boost power infrastructure

CBRE

M&A

CBRE will acquire Pearce Services for $1.2 billion, plus up to $115 million earn-out contingent on 2027 performance.
The deal expands CBRE’s Building Operations & Experience segment into digital and power infrastructure, covering critical power and cooling, renewables, wireless networks, and EV charging.
Pearce Services, with over 4,000 employees, is projected to generate $660 million in 2026 revenue, diversifying CBRE’s service offerings.
CBRE expects an immediate boost to core earnings, targeting $350 million EBITDA by 2026 from these new segments.

Nov 4, 2025, 3:10 PM

Morningstar

CBRE acquires Pearce Services to expand digital and power infrastructure capabilities

CBRE

M&A

CBRE Group, Inc. agreed to acquire Pearce Services, LLC for $1.2 billion in cash plus a potential $115 million earn-out, with the deal expected to be immediately accretive to core EPS.
The acquisition enhances CBRE’s Building Operations & Experience segment in digital and power infrastructure, with Pearce projected to generate over $660 million in revenue and more than $90 million of EBITDA in 2026.
CBRE expects to generate more than $350 million of Core EBITDA from digital and power infrastructure services in 2026 and to end 2025 with net leverage of approximately 1.1x.
J.P. Morgan Securities and Wells Fargo are financial advisors to CBRE; Sullivan & Cromwell LLP and Ropes & Gray LLP are legal advisors to the parties.

Nov 4, 2025, 1:21 PM

8-K

CBRE Group acquires Pearce Services to expand digital & power infrastructure capabilities

CBRE

M&A

New Projects/Investments

CBRE will acquire Pearce Services, LLC for approximately $1.2 billion in cash plus up to $115 million earn-out contingent on 2027 performance.
The acquisition, integrated into CBRE’s Building Operations & Experience segment, is expected to be immediately accretive to core EPS.
Pearce is projected to generate over $660 million in revenue and $90 million in EBITDA in 2026, while CBRE anticipates more than $350 million of Core EBITDA from digital and power infrastructure services in 2026.
Pearce brings 4,000+ employees and expertise in critical power & cooling systems, renewable energy storage, wireless & fiber networks, and EV charging infrastructure.

Nov 4, 2025, 1:15 PM

Press Release

CBRE Group highlights WeWork India IPO

CBRE

Delisting/Listing Issues

CBRE Group applauds the IPO and listing of WeWork India on India’s national stock exchange, underscoring a partnership since 2017 and its status as the country’s leading flexible-workspace provider.
WeWork India manages 7.67 million sq ft of workspace across eight major Indian cities as of June 2025.
Globally, WeWork operates 45 million sq ft in 37 countries, with occupancy rising from 70% to 77% in 2025 and exceeding 90% in key markets such as Toronto, Silicon Valley and Milan.
Following the IPO, WeWork will remain a minority shareholder in WeWork India and continue as a private, debt-free company with significant liquidity and no plans for its own IPO.

Oct 15, 2025, 11:01 PM

Press Release

CBRE praises WeWork India IPO and listing

CBRE

Delisting/Listing Issues

CBRE-backed WeWork Companies LLC applauded the IPO and listing of WeWork India on the National Stock Exchange of India, highlighting the franchise’s growth since 2017.
The partnership since WeWork India’s inception in 2017 has positioned it as India’s leading flexible office provider.
WeWork India now manages 7.67 million sq ft in key Indian cities, demonstrating strong growth, profitability and resilience as of June 2025.
Globally, WeWork operates 45 million sq ft across 37 countries, with occupancy rising from 70% to 77% in 2025 and exceeding 90% in several major markets.

Oct 15, 2025, 11:01 PM

Press Release

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