Categories Earnings, Finance

Facilities giant CBRE expands Israel operations amidst West-Bank concerns

The world’s largest commercial real estate services and investment firm (based on 2017 revenue), CBRE Group Inc (CBRE), has agreed to buy a majority interest in Israel-based the Ramot Group. Terms of the deal were undisclosed, but it comes in a unique time in the political history of the Middle-East, as the West Bank conflict recently found new traction with President Trump’s decision to move the US embassy in Israel to Jerusalem.

Ramot is a facilities management provider founded by Shlomo Margolin in 1993 and is based in Tel Aviv. With a staff strength of 750, Ramot offers technical maintenance, project management, cleaning services, reception administration and environmental health and safety.

As the deal goes through, The Ramot Group will operate as part of CBRE’s Global Workplace Solutions (GWS) business in Israel and will expand its international portfolio. CBRE has been acting as a service provider to some of Ramot’s corporate clients in Israel since 2009.

“The Ramot team is highly regarded in the market and we are now in an even stronger position to deliver exceptional outcomes for our clients and to continue building a world-class offering in the region,” said Ian Entwisle, the CEO of GWS EMEA at CBRE.

Subject to customary regulatory approvals, the Ramot acquisition is expected to close in the third quarter of fiscal 2018.

CBRE Group is now a Fortune 500 and S&P 500 company. The firm has an HQ in Los Angeles and employs over 80,000 people in about 450 offices worldwide.

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