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Sydnee Gatewood
Sydnee Gatewood
Articles (2485) 

Bill Nygren and David Herro Comment on CBRE Group

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July 09, 2020 | About:
During the quarter, we sold our investment in Apache (U.S.) and purchased CBRE Group (NYSE:CBRE) (U.S.), one of the worlds largest commercial real estate service companies. Our research indicates that CBRE is one of the most highly regarded brands in the commercial real estate industry and possesses meaningful scale advantages, maintaining top market positions across most of its business units. About half of the companys revenues are from stable and recurring fee-based businesses, such as property management, that, in our opinion, are growing rapidly. CBREs property management segment, combined with its brokerage business, differentiates its service offerings from some smaller brokerage competitors. The companys market share is expanding in almost all business segments, particularly in leasing services, and as the overall commercial real estate market remains fragmented, we think CBRE will have ample opportunity to build market share.

From Bill Nygren (Trades, Portfolio) and David Herro (Trades, Portfolio)'s Oakmark Global Select Fund second-quarter 2020 shareholder commentary.

About the author:

Sydnee Gatewood
I am the editorial director at GuruFocus. I have a BA in journalism and a MA in mass communications from Texas Tech University. I have lived in Texas most of my life, but also have roots in New Mexico and Colorado. Follow me on Twitter! @gurusydneerg

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