The CBRE Group and Excellerate Property Services have announced plans to form a joint venture to meet the growing demand for real estate services in Africa and the Middle East.
Gordon Hulley, group CEO, Excellerate Holdings and Marna van der Walt, CEO, Excellerate Property Services
CBRE Excellerate will merge CBRE’s facilities management operations in Africa and the Middle East with several of Excellerate’s businesses, including corporate real estate services, facilities management, valuation and project management services, as well as property management services outside of South Africa.
Excellerate’s property management operations in South Africa and its soft-services business, which provides cleaning, security and catering services across Africa, will not be part of the joint venture. CBRE will continue to operate a wholly owned advisory services business in the Middle East and North Africa.
Excellerate, based in Johannesburg, provides property services for property investors and occupiers across sub-Saharan Africa and the Middle East.
Joint venture rather than alliance
Gordon Hulley, CEO, Excellerate Holdings, said: “Our partnership with CBRE aligns with our core values and by structuring our relationship as a joint venture, rather than an alliance, we will pool our respective skills and expertise and foster intense collaboration, which will drive superior client outcomes.”
With the formation of the joint venture, Excellerate will end its affiliation with Cushman & Wakefield. Excellerate will work closely with Cushman & Wakefield to ensure continuity of services for existing client assignments. CBRE’s affiliation with Broll Property Services in South Africa, Nigeria, Ghana and Indian Ocean will also end with the formation of the CBRE Excellerate joint venture.
The formation of CBRE Excellerate is subject to customary closing conditions, including government approvals, and is expected to be completed in the first half of 2019.