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LOS ANGELES-CB Richard Ellis has acquired London-based retail real estate services specialist Dalgleish & Co. Ltd. for $37.9 million in cash as part of CBRE's strategy for expanding its retail capabilities across Europe. CBRE has named founder and principal shareholder Michael Dalgleish to lead the locally based company's retail services operations in Europe.

Dalgleish, with 93 employees in central London and annual revenues of approximately $34 million, provides tenant representation, agency leasing and investment advisory services throughout the UK. The combination of the Dalgleish acquisition with CBRE's existing retail business places CBRE in "the No. 1 position for retail services in the UK," according to Brett White, president and CEO of CB Richard Ellis.

Dalgleish has a client base that is fairly evenly split between landlords and retailers, notes Mike Strong, president of CB Richard Ellis Europe, Middle East & Africa operations. The London-based firm's business also is evenly balanced between leasing and investment sales, Strong adds.

As a leading retail services specialist, Dalgleish has been involved in some of the largest deals in the region, including this year's acquisition by British Land of 23 Debenhams department stores for euro 719.7 million ($933.5 million). Dalgleish advised British Land in the deal, which bought British Land 3.28 million sf of freehold and long leasehold stores.

Instant Insights /

CBRE Acquires London's Dalgleish for Nearly $38M

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