Los Angeles-based real estate services firm CB Richard Ellis has acquired a 51% interest in Russian affiliate Noble Gibbons. CBRE will buy the rest of the company at a later date, according to a release. The transaction cost was not disclosed.
Noble Gibbons, a Moscow-based real estate services firm, was founded in 1994. Last year, the firm completed sales andtransactions valued at roughly $233 million. It also manages more than 2.6 million sq. ft. of Russian commercial real estate.
“The Noble Gibbons acquisition fits perfectly with our strategy of establishing a leading position in the world’s top business capitals,” says Brett White, CB Richard Ellis’ president and CEO. “Moscow continues to attract significantcapital as its economy and real estate markets mature.”