Turner & Townsend’s Post

Exciting times ahead

Exciting changes coming to our organization! Not just growth, which is significant, but the combined expertise and resources will help us deliver quality advisory services to all of our Clients, both Public and Private. #ProjectManagement #CBRE #TurnerAndTownsend

CBRE Project Management has announced plans to combine its project management business with Turner & Townsend, it's majority-owned subsidiary known for programme management, cost consultancy, and project management services worldwide. Key Highlights: Ownership Structure: CBRE will own 70% of the combined business, with Turner & Townsend partners holding the remaining 30%. Revenue Growth: Since CBRE’s acquisition of a 60% stake in Turner & Townsend in November 2021, the subsidiary has achieved a compound revenue growth rate of over 20%. Financial Performance: The combined project management business generated approximately $3bn in net revenue in 2023, with a double-digit annual growth rate since 2021. Leadership: Vincent Clancy, Turner & Townsend’s Chairman and CEO, will lead the combined business and join the CBRE Board upon closing the transaction. Strategic Vision: Bob Sulentic , CBRE’s Chair and CEO, stated, "Unifying our project management business will create an offering that is unmatched for its scale and breadth of capabilities, with more than 20,000 employees serving clients in over 60 countries." Vincent Clancy added, "Our ambition since joining forces with CBRE in 2021 has been to create the premier, differentiated programme, project and cost management capability globally." This strategic move aims to capitalize on powerful growth catalysts such as increased spending on infrastructure, green energy, and employee experience. #CBRE #TurnerTownsend #ProjectManagement #BusinessGrowth #IndustryNews #GlobalExpansion #Infrastructure #GreenEnergy #Leadership

US giant CBRE has decided to combine its project management businesses with that of its majority-owned Turner and Townsend consultancy. The move to merge the two PM divisions will create a $3bn business employing more than 2,000 staff across 60 countries. CBRE bought a 60% controlling stake in the 75-year-old T&T nearly three years ago for £960m. The new deal to merge the PM businesses will see CBRE up its stake to 70% in the new Turner & Townsend/CBRE Project Management entity releasing another £55m to T&T shareholders. The combined business will be led by Vincent Clancy, Turner & Townsend’s chairman and chief executive officer, who will join the CBRE main board. Turner & Townsend to be the primary brand for the combined business once the deal is completed. Bob Sulentic, CBRE’s chair and chief executive officer, said: “Unifying our Project Management business will create an offering that is unmatched for its scale and breadth of capabilities. “Powerful secular trends, particularly increased spending on infrastructure, green energy, and employee experience, are growth catalysts for this business and we are well positioned to capitalise on this significant opportunity.” “Vince is an exemplary leader who has guided Turner & Townsend to great success,” said Sulentic. “Putting CBRE’s extensive global project management resources and capabilities under Vince will strengthen our value proposition for clients and advance our growth ambitions.” Clancy added: “Our ambition since joining forces with CBRE in 2021 has been to create the premier, differentiated programme, project and cost management capability globally. “We have made exceptional progress towards this goal and our revenue and profit have grown significantly in the last three years. Turner & Townsend’s momentum will continue to grow with the combining of two great businesses into one integrated, pure play project management capability. “Our combined depth of talent and resources, global footprint, sector expertise and commitment to excellence will be second to none in project and programme management.” Beginning in 2025, CBRE intends to report project management results in a new segment separate from Global Workplace Solutions in order to provide increased transparency for investors. [Construction Enquirer] #projectmanagement #merger

US giant CBRE Global Workplace Solutions (GWS) has decided to combine its project management businesses with that of its majority-owned Turner & Townsend consultancy. Vincent Clancy, Turner & Townsend’s chairman and chief executive officer, will head up the new business. The move to merge the two PM divisions will create a $3bn business employing more than 2,000 staff across 60 countries. CBRE bought a 60% controlling stake in the 75-year-old T&T nearly three years ago for £960m. The new deal to merge the PM businesses will see CBRE up its stake to 70% in the new Turner & Townsend/CBRE Project Management entity releasing another £55m to T&T shareholders. The combined business will be led by Vincent Clancy, Turner & Townsend’s chairman and chief executive officer, who will join the CBRE main board. Turner & Townsend to be the primary brand for the combined business once the deal is completed.

CBRE and T&T to combine project management arms Business will operate under the latter's brand Real estate and investment firm CBRE is to merge its #projectmanagement business with its majority-owned subsidiary, Turner & Townsend (T&T). The transaction will mean CBRE will own 70 percent of the combined T&T/CBRE project management business, with the T&T partners holding the remaining 30 percent. The combined project management divisions will create a $3 billion business employing more than 2,000 staff across 60 countries. The combined business is expected to operate under the T&T brand once the deal is completed by the end of this year. Vincent Clancy, T&T’s chairman and CEO, will join the CBRE executive board as part of the deal. Clancy said: “Our ambition since joining forces with CBRE in 2021 has been to create the premier, differentiated program, project, and #costmanagement capability globally. We have made exceptional progress towards this goal and our revenue and profit have grown significantly in the last three years.” CBRE first acquired a 60 percent stake in T&T for $1.3 billion in November 2021. Since then, T&T has grown revenue at a compound rate of more than 20 percent. Bob Sulentic, chair and CEO at CBRE, said: “Powerful secular trends, particularly increased spending on infrastructure, green energy, and employee experience, are growth catalysts for this business and we are well positioned to capitalize on this significant opportunity.” He added: “Vince will bring a global perspective and deep experience in key growth areas like #renewableenergy and #infrastructure to our board.” CBRE has historically focused on facilities management services, but acquired Direct Line Global earlier this year, expanding into technical services. T&T operates across three business segments globally; #realestate, infrastructure, and #energy and natural resources. https://lnkd.in/esfDvHHK

🍰 Project Management is not a simple recipe… Inclement weather, brownfield conditions, scope variations, constrained working spaces and risky conditions, require PM’s to apply swift assessment and decision making, persuasion, conflict management and motivation, in addition to their technical acumen, to manage the inevitable crescendo! Happy to be involved with CBRE on a third programme of countrywide filling station upgrade and refurbishment. #projectway #projectmanagement #qualityassurance

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Construction is well underway at one of Pace Project Management’s sites in Johannesburg. The team conducted a site walkabout to assess progress and identify challenges faced by the main contractor. Pace takes a hands on approach as principal agents and project managers. We implement a partnering approach as opposed to an adversarial one between client and main contractor. It is encouraging to see that the main contractor is consistently moving its projected completion date forward; thanks to the partnering approach between client, main contractor and members of the professional team. #constructionprojectmanagement #partnering #projectmanagement #principalageny

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