Firms to combine valuation services
Global real estate services company CBRE has finalised its acquisition of New Zealand’s largest independent property valuation firm TelferYoung.
The acquisition sees CBRE enter New Zealand’s residential valuation market and expand into a number of regional markets.
The move almost doubles its New Zealand staff and triples the size of its valuation and advisory services team.
CBRE New Zealand senior managing director Andrew Stringer says the deal combines the complementary strengths of the companies’ valuation teams and resources to provide a full suite of services and solutions for clients.
“This is a game-changing merger for the New Zealand property sector, bringing two strategically and culturally aligned businesses together,” says Stringer.
As part of the transition to CBRE, TelferYoung will initially be known as ‘TelferYoung from CBRE’.
Stringer says, “Given the global expertise and scale of CBRE, we’re looking forward to be able to provide the TelferYoung from CBRE team with advanced technology and analytics to enhance residential valuations throughout New Zealand.
“Both businesses have valuation services at their core, and together they will benefit from the many opportunities this union can bring.
“We’ll have more feet on the ground locally and can provide clients with more services.
“While CBRE has been present in regional New Zealand for some clients for a long time, this partnership will enrich those services with a greater depth of quality local knowledge, additional services, and introduce the CBRE platform to more commercial real estate clients.”
CBRE Group is the world’s largest commercial real estate services and investment firm (based on 2021 revenue).
A Fortune 500 and S&P 500 company, it is listed on the NYSE and headquartered in Dallas.
CBRE employs over 200 people across Auckland, Wellington and Christchurch and until now has specialised in the commercial property sectors including office, industrial, retail, and hotels across valuation, property management, investment sales and leasing business lines.
TelferYoung employs approximately 200 staff in 20 offices, providing valuation and advisory services across residential, rural, industrial, commercial, retail and infrastructure assets.
“We will diversify our footprint, client type and capability, adding a residential offering to our strong New Zealand commercial valuation business. It also provides us
with capabilities in areas such as agriculture and tourism, which are mainstays of the New Zealand economy,” says Stringer. “A good valuation is a combination of in-depth market knowledge and connection supported by robust technology platforms. It is great our joined businesses can provide all of these.”
TelferYoung chair Rowan Cambie is pleased the business is moving to such a strong company and he is confident the strategic and cultural alignment will ensure the union hits the ground running.
“We’ve been looking for growth opportunities and by having CBRE acquire our business it means our clients will benefit from an expanded range of services.
“At the same time our 200-strong team will be able to have more choice regarding local and global career opportunities and will thrive in an environment with world class learning and development, a culture of continuous improvement and best practice and ongoing investment in property valuation technologies.”
From this week clients of TelferYoung will see some new TelferYoung from CBRE branding and over the course of the next 12 months it will gradually move fully to the CBRE brand.