US firm CB Richard Ellis Group has agreed a deal to buy all of the remaining outstanding shares of its affiliate in Ireland, CB Richard Ellis Gunne, for €20m in cash.
Headquartered in Dublin, CB Richard Ellis Gunne is a commercial real estate services firm that employs 105 people in Dublin and Belfast, and provides a full range of real estate advisory services. The US firm currently owns 10% of its Irish affiliate.
Pat Gunne will continue as managing director of the company's Irish business, which will now operate as CB Richard Ellis.
Under the deal, CB Richard Ellis will not acquire Gunne's residential operations.
'Taking full ownership of CB Richard Ellis Gunne fits well with our growth strategy in Europe,' said Brett White, President and CEO of the firm.
'Ireland has assumed a significant role in the global economy. The Gunne operation represents a solid foundation from which we expect to continue capturing a significant share of the commercial real estate activity that is emanating from that country, fuelled by its strong economy,' he added.
'We have benefited enormously from our affiliation with CB Richard Ellis over the last few years,' commented Pat Gunne. 'This is the right time to make this move, as there is a clear opportunity to accelerate the growth of our business internationally,' he added.
