CBRE has increased its stake in Turner & Townsend from 60% to 70% and merged the UK firm with its own project management business.
Vincent Clancy, chair and chief executive of Turner & Townsend, has now joined CBRE’s board of directors as part of the transition..
CBRE acquired 60% of Turner & Townsend in November 2021 for £960m. [See previous report here.] Since then, Turner & Townsend’s revenue has increased at a compound annual rate of more than 20%.
Clancy has been with Turner & Townsend for 35 years, chief executive since 2008 and also chair since 2015. Under Clancy’s leadership, the firm’s revenue has increased from about US $225 million in 2008 to more than $1.9bn in 2023. Now joined with CBRE’s project management business, annual revenue is set to top $3bn.
“Our unified project management business represents an offering that is unmatched for its scale and breadth of capabilities. Under Vincent’s exemplary leadership, it is poised to benefit from powerful secular trends in areas like infrastructure, green energy transition and employee experience,” said Bob Sulentic, CBRE’s chair and chief executive officer.
“Our board will benefit greatly from the insights Vincent has developed from running a highly successful global business and his deep knowledge of key growth sectors for CBRE,” Sulentic added.
Clancy said: “The strong momentum we’ve built over the past three years will continue to grow now that we’ve combined two great businesses into one integrated, pure play project management capability. Our combined depth of talent and resources, global footprint, sector expertise and commitment to excellence is unparalleled in program and project management.”
