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CBRE GROUP INC (CBRE)
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CBRE : Enters Into Agreement to Acquire Majority Interest in Facilities Management Provider Ramot Group in Israel

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06/21/2018 | 01:06pm CEST

LOS ANGELES, California, June 20 -- CBRE Group, a commercial real estate services provider and investment firm, issued the following news release:

CBRE Group, Inc. (NYSE:CBRE) today announced that it has entered into an agreement to acquire a majority interest in the Ramot Group (Ramot), a leading facilities management provider in Israel.

Founded by Shlomo Margolin in 1993, Ramot, based in Tel Aviv, employs more than 750 staff and manages an extensive portfolio of facilities. Ramot's substantial capabilities include technical maintenance, project management, cleaning services, reception administration and environmental health and safety.

The Ramot Group will operate as part of CBRE's Global Workplace Solutions (GWS) (occupier outsourcing) business in Israel and adds an extensive suite of integrated facilities management and specialist technical capabilities for local and international clients. CBRE has a long-established relationship with Ramot, which has been a service provider to some of its corporate clients in Israel since 2009.

This Ramot acquisition follows CBRE's April 2018 purchase of its long-standing affiliate partner in Israel MAN Properties, which provides capital markets and leasing services to occupiers and investors in the office, technology and retail sectors. CBRE's newly expanded presence in the Israeli market will provide it with an extensive suite of services and the ability to serve occupier and investor clients' needs at every stage of the property life cycle.

Ian Entwisle, Chief Executive Officer, GWS EMEA at CBRE, said: "This acquisition adds extensive and complementary market-leading facilities management expertise to our existing GWS capabilities as part of our integrated service offer for our occupier clients. 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."

Harry Lipschitz, one of the Founders of Ramot, said: "Ramot has enjoyed a long and successful relationship with CBRE over many years and has been an important part of CBRE's service delivery in the region. This transaction will allow us to bring world class, fully-integrated services and technological advantages to our Israeli and international clients."

The Ramot acquisition is subject to customary regulatory approvals and is expected to close in the third quarter of 2018.

© 2018 Targeted News Service, source News Service

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Financials ($)
Sales 2018 19 766 M
EBIT 2018 1 227 M
Net income 2018 969 M
Debt 2018 1 802 M
Yield 2018 -
P/E ratio 2018 17,28
P/E ratio 2019 15,54
EV / Sales 2018 0,93x
EV / Sales 2019 0,88x
Capitalization 16 579 M
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Mean consensus OUTPERFORM
Number of Analysts 10
Average target price 54,3 $
Spread / Average Target 11%
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Managers
NameTitle
Robert E. Sulentic President, Chief Executive Officer & Director
Brandon Bridges Boze Chairman
James R. Groch CFO & Global Director-Corporate Development
Chandra Dhandapani Chief Technology & Digital Officer
Raymond E. Wirta Director
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