The acquisition — which is subject to regulatory approvals — represents an expansion of CBRE’s real estate development business Trammell Crow Company.
The acquisition is expected to complete in Q3 2019 and will see Telford operate as part of the Trammell Crow Company.
“Telford gives us a compelling opportunity to build on the success of Trammell Crow Company,” said Bob Sulentic, president and chief executive officer at CBRE.
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“The UK is in the early stages of a secular shift towards institutionally owned urban rental housing, similar to what we have seen in the US over the last two decades.
“Telford is well positioned to lead this trend, and its more than 300 talented professionals operating in London are a great addition to our company.”
Telford Homes currently has a development in-process portfolio of £1.32bn and focuses on opportunities to develop middle-market BTR properties.
CBRE has put a bridge acquisition facility in place, but intends to fund the acquisition through a combination of cash on hand and availability within its revolving credit facility.
“Being part of Trammell Crow Company will allow Telford to enhance its growth in the build-to-rent/multifamily market in London,” said Jon Di-Stefano, chief executive officer at Telford Homes (pictured above).
“Our management team has found that Trammell Crow Company is aligned with both our culture and our current strategy and its platform will give Telford access to far greater resources, improved technology and wide-ranging expertise.”