CB Richard Ellis Group, Inc. (CBRE) has acquired Michael Peddar & Company, a UK-based retail property specialist that focuses on the luxury goods and lifestyle sectors.
The transaction follows other strategic acquisitions in the retail arena. In June, CBRE purchased Euro Mall Centre Management, a substantial retail property manager in Central and Eastern Europe. This followed the acquisition of Espansione Commerciale, the market leader in shopping centre leasing and property management in Italy, in late 2008.
Established in 1984, Michael Peddar & Company has worked with major retailers from the United States, Italy, France and Japan, among others, advising on their launch and expansion strategies in Central London and other major UK centres.
The retail property specialist introduced GAP Inc. to the UK market in 1985 and continues to advise the retailer on its European strategy. The company also works with some of the world’s top international retail brands, including Prada, DKNY, LK Bennett, Space NK, Mulberry, Michael Kors, and Armani, as well as advising Chanel, Mappin & Webb, Watches of Switzerland, Cath Kidston, Reiss, and Links of London.
Ciaran Bird, Head of UK Retail, CB Richard Ellis, said: “This acquisition adds further depth to CBRE’s full-service retail offering and will enhance our central London and regional retail platforms with their specialisation as a retail advisor for luxury goods and lifestyle brands.
“This will complement some of the excellent work we are already undertaking in all the major UK retail destinations. As global retailers continue to use London as a springboard into Europe, their relationships with some of the world’s top retailers, market insight, and client-focused approach make them an ideal fit with our retail team.”
Mike Strong, Chairman & CEO – EMEA, CB Richard Ellis, added: “The purchase of Michael Peddar & Company fits with the clear strategy of expanding our retail platform with quality acquisitions that enhance our already market leading position.
“This exciting addition to the team reflects our ongoing commitment to constantly improving the business and ensuring that we offer clients the best possible service and advice. The move will create new opportunities in a highly competitive market, extending our international retail platform and enhancing our diverse client base.”
Eric Eastman, Director, Michael Peddar & Company, commented: “After developing our business for more than 25 years, joining forces with CBRE will give us and our clients access to an unrivalled global platform and a suite of leading property services which complement our existing operations.
“This will allow us to service our international clients better and support our UK clients in their ambitions to expand in Europe, the US and Asia. This integration makes perfect sense for both our firm and CBRE.”