CBRE swoops to buy Telford Homes for £267m

Aaron Morby 5 years ago
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The world’s largest real estate services firm CBRE Group is to buy Telford Homes for £267m as it looks to expand into the UK’s growing rental homes market.

Telford chief executive officer Jon Di-Stefano will continue to lead the firm as a standalone business at CBRE
Telford chief executive officer Jon Di-Stefano will continue to lead the firm as a standalone business at CBRE

The recommended 350p per share offer is at an 11%  premium to Telford’s closing price yesterday.

The London house builder will become part of Trammell Crow Company, an independent US property company within CBRE.

Telford chief executive officer Jon Di-Stefano will continue to lead Teleford Homes as a standalone business within TCC.

“Being part of Trammell Crow Company will allow Telford to enhance its growth in the build-to-rent / multifamily market in London,” said Di-Stefano

“Our management team have found that Trammell Crow Company is aligned with both our culture and our current strategy and its platform will give Telford access to far greater resources, improved technology and wide-ranging expertise.”

Bob Sulentic, president and chief executive officer of CBRE. “The UK is in the early stages of a secular shift toward institutionally owned urban rental housing, similar to what we have seen in the US over the last two decades.

“Telford is well positioned to lead this trend, and their more than 300 talented professionals operating in London are a great addition to our company.”

Telford Homes has a development in-process portfolio (total project cost) of £1.32bn.

In recent years Telford Homes has shifted strategic focus on the growing build to rent/ multi-family market and is now working with a number of established investors.

Presently TCC has $9.7bn of projects in process and $2.8bn in its pipeline.

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