CBRE has completed the £267.4m acquisition of London developer Telford Homes.
Telford will now operate as part of CBRE’s development subsidiary Trammell Crow Company.
The acquisition marks TCC’s entrance into the UK build-to-rent market, after London-based Telford pivoted its business away from the capital’s for-sale market.
Telford chief executive Jon Di-Stefano will continue to lead the business. Chairman Andrew Wiseman and non-executive director Jane Earl have tendered their resignations and stepped down from the board from today.
Bob Sulentic, president and chief executive of CBRE, said: “The UK is in the early stages of a secular shift toward institutionally owned urban rental housing and Telford Homes’ talented team positions us to lead this trend.”
Di-Stefano added: “The alignment of our business models, people and culture – along with our shared commitment to partners, clients and local communities – makes this a natural fit. We now have enhanced capabilities to raise capital, acquire the best sites and deliver high-quality properties that meet rising demand for rental housing.”
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