CBRE Group Inc. said it acquired Geico Lender SpA, an Italian provider of building technical engineering services, which it plans to integrate to its Global Workplace Solutions business in the country.
Terms of the deal were not disclosed.
Geico Lender, which operates in six location across Italy and employs more than 300, is expected to help CBRE take advantage of the growing trend of outsourcing technical services among Italian corporations, CBRE GWS EMEA CEO Ian Entwisle said in a release. Its services include maintenance and installation of heating, ventilation and air conditioning, building automation and other technological systems for financial institutions and other private sector companies.
Ernst & Young acted as a financial adviser to Geico Lender.
