CBRE to acquire Industrious for ~$400M; creates new Building Operations & Experience segment

CBRE GROUP, INC.

Acquires remaining ~60% of Industrious for $400M; implied enterprise value ~$800M; deal expected to close Jan 2025 and be immediately accretive to 2025 core EBITDA and FCF.
New BOE segment combines CBRE's facilities management, property management, and Industrious; segment had ~$20B combined revenue in 2024.
Industrious CEO Jamie Hodari joins CBRE as CEO of BOE and Chief Commercial Officer.
COO Vikram Kohli promoted to also serve as CEO of Advisory Services, CBRE's largest segment (leasing, capital markets, valuation).
Industrious revenue grew >50% CAGR since 2021; footprint now over 200 units in 65+ cities.

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