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DELHI, INDIA-CB Richard Ellis Group Inc. has acquired a majority interest in CB Richard Ellis South Asia Pte Ltd. CBRE India, as it is also known, is a CB Richard Ellis affiliate company, which currently operates in 30 cities across the India market, but will continue to expand in second and third tier cities in the market.

Robert Blain, president of CB Richard Ellis Asia-Pacific, and Anshuman Magazine, chairman and managing director of CBRE India, tell GlobeSt.com that expansion in the India market over the past few years has been a huge interest to CBRE. “Indian business has been successful and with strong economic activity and continued growth of Fortune 500 companies in the area, now was the time…” Blain explains.

Magazine tells GlobeSt.com that in 2005, “once foreign investment opened in India, which created looser restrictions on foreign investment and resulted in higher capital flows into real estate, there was increased commercial and residential real estate development,” he says. “About 45% of Fortune 500 companies are currently opening operations in India.”

Blain tells GlobeSt.com that the India economy and real estate market continues to boom. “We see India, Japan and China as one of the key drivers of our growth in Asia,” he says, adding that they are looking at clients’ needs, which includes considering expansion in markets such as Australia and New Zealand as well. “Mature investors and developers are following the opportunities in India and Greater China,” he says. “The India market is changing and we are cautiously optimistic that it will continue to do so.”

CBRE India, based in Delhi, has been the CB Richard Ellis affiliate in India since 1994, and today has a staff of more than 1,000 professionals. It provides a full spectrum of real estate services, including leasing, property and facilities management, investment sales, project management, consulting services and valuation/appraisal.

“It isn’t necessarily about expanding the number of staff members in the area,” Magazine says. “Instead, we want to increase the global quality of supply and expertise. Magazine adds that they are looking into adding more capital market expertise for example. “The expectation level is going up and we need to contend with that.”

Over more than a decade, CBRE India has executed more than 22 million sf of leasing transactions and approximately 30 million sf in project management assignments, and advised major corporations throughout the world on their real estate strategies in India. For example, CBRE India has arranged lease transactions for global companies including Goldman Sachs, Cisco Systems, McAfee and JPMorgan Chase and Hewlett-Packard. CBRE India also manages 40 million sf of commercial properties and corporate facilities.

“CB Richard Ellis is the world leader in commercial real estate, and our new status as a majority owned operation will enable us to better tap into a wealth of resources and the industry’s most extensive and capable global platform,” Magazine says. “We are very enthusiastic about this move, and look forward to expanding the range of services we can offer our clients–in India and around the world.”

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