18/09/2007 - 22:00

CBRE makes GVA SwaleHynes buy

18/09/2007 - 22:00


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CB Richard Ellis has taken a significant share of the city’s tenant advocacy market through its recent acquisition of the GVA SwaleHynes group.

Following the acquisition, SwaleHynes Consulting – founded by Chris Hynes and Digby Swale – will become CB Richard Ellis Global Corporate Services, with both firms keeping their respective offices on St Georges Terrace.

Mr Hynes believed the deal would not create any conflict of interest between its existing tenant clients and CBRE’s landlord clients.

CBRE manages the BankWest tower, Central Park and QV1, while SwaleHynes is believed to control about 80 per cent of all corporate tenant representation work in Perth.

“Part of our early discussions with CBRE about how Global Corporate Services should run involved being separate corporate entities within the CBRE group and having a separate board,” Mr Hynes said on announcement of the takeover last week.

“Going forward over the next six months, a lot of competitors will say we’ve sold out, but we want to prove that we’re truly independent and can provide unbiased advice.”

GVA SwaleHynes was formed through a combination of real estate services firms GVA Grimley and the SwaleHynes Consulting partnership, established in Perth in 1990.

The new CBRE Global Corporate Services team will comprise 75 employees across the Australia-Pacific region, and Mr Hynes said the Perth office would be recruiting more staff.

Mr Hynes and Mr Swale will be among several senior members of the new team, operating under GVA SwaleHynes senior managing director, Peter Messenger.

CB Richard Ellis Australia and New Zealand operations chief executive, Tom Southern, said the business would provide a full suite of services to corporate occupiers, including strategic real estate planning and consultancy, transaction management, project execution, and corporate outsourcing services.

Mr Southern would not disclose the value of the deal, revealing only that the price was not fixed due to a series of performance-based payments.

Previous Perth agency consolidations include that of Steve Curulli and Nick Stanisis’ NSC Corporate, which was acquired by Jones Lang La Salle in December last year. 


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