The American property services provider CBRE Group, Inc. on Monday announced to have acquired its offshoot in Vietnam, officially merging CB Richard Ellis Vietnam Company to its system after some 10 years franchising its brand into the Vietnamese market.

Both sides declined to reveal the value of the acquisition.

Rob Blain, chairman and chief executive officer of CBRE Asia Pacific, said at a press briefing in HCMC on Monday that the acquisition of CBRE Vietnam was to strengthen the company’s Asia Pacific platform and its ability to offer fully integrated services in the rapidly growing Southeast Asia region.

CBRE set its foothold in Vietnam’s property market in 2003 through a franchise deal, providing property services such as property sales, office and retail leasing, occupier advisory services, residential project marketing, property and facilities management, project management, consulting, research and valuation.

Blain said it was not the first time the group made a purchase of affiliates; it had acquired its associate companies in Japan and India. The group has a plan to buy some other affiliates in other countries in the years to come.

Marc Townsend, managing director of CBRE Vietnam, said merging to the group’s platform will help CBRE Vietnam to have more resources to enhance and expand its service offering, and further tap into CBRE’s global network.

Blain said although current market condition was challenging in Vietnam, CBRE believed the country has strong long-term growth potential, and CBRE Vietnam would be a key pillar in its service delivery platform in the emerging economies across Southeast Asia.

The Saigon Times Daily