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CBRE increases its technical services provision in latest acquisition

18 December 2017

CBRE has announced that it has acquired Italian technical engineering services provider Geico Lender for an undisclosed sum.

It will be incorporated into its new owner's Global Workplace Solutions (GWS) business in Italy, said the official statement.

Employing more than 300 people operating from six locations around Italy, the acquisition will provide "extensive specialist technical services capabilities".

It provides a range of services including maintenance and installation of HVAC equipment, building automation and other systems for financial institutions and private sector companies.

CBRE GWS EMEA chief executive officer Ian Entwisle said the acquisition "provides a strong platform from which to continue to build our facilities management capabilities in Italy and across Europe as a vital part of integrated occupier services for our clients".

He further referred to the growing trend to outsource technical services in Italy, placing CBRE "in an even stronger position to deliver exceptional outcomes for our clients".

Geico Lender founder and chief executive officer Clemente Cilli said the CBRE global reach and wide-ranging occupier service offering was a critical factor  "which will enable us to deliver more advantages to our clients".

The Geico Lender deal is the third major FM acquisition conducted by CBRE in the last five years, following the purchase of Norland Managed Services in December 2013 and Johnson Controls Incorporated in September 2015.

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