EuroProperty News reports that CB Richard Ellis has won a property management contract with International bank HSBC believed to be worth £25m-£30m a year in fees. CBRE will reportedly assume responsibility for HSBC's entire European property management function including consultation, deals and property management.
CBRE is expected to hire around 100 staff to manage the project. The contract, which
will be run from London, makes CBRE responsible for the complete strategic
management of HSBC's global portfolio, worth around £40bn. Transaction work may
come from sale-and-leasebacks. There is speculation that HSBC's £490m Canary
Wharf HQ could be sold and leased back, as its Singapore offices were.
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Sunday, November 06, 2005
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