performance has been robust.
ISTANBUL-CBRE has acquired its affiliate company here in Turkey, formerly run by managing director Feroze Bundhun. Anthony Labadie, formerly head of the Global Corporate Services office for the company in Spain, has been appointed as new managing director here, and Bundhun remains as a consultant to the company, according to a CBRE statement.
The affiliate offers valuation, leasing, investment, research and consultancy expertise. Labadie said in the statement that Turkey’s position as a strategically important country, which provides a link between Europe, the Middle East and Asia, has been enhanced by its recent strong economic performance, stability and demographic trends. “The real estate market’s performance has been particularly robust,” he said. “The country’s prospects in 2012 and beyond are exciting and I’m delighted to be leading this experienced team in its next phase of growth.”
The country, with a population of 80 million, had the strongest GDP growth of any European country in 2011 at 8%. The middle class has pushed new development along all markets, especially retail, as Turkey has the largest shopping center development pipeline in Europe. Istanbul itself has a two-million-square-foot office market with low vacancy.
Mike Strong, chairman and CEO of CBRE’s EMEA region, said many local and international companies are targeting Turkey for its growth potential. “This acquisition consolidates our presence in an increasingly important market where both investors and corporate occupiers are converging,” he said.