During the quarter, we sold our investment in Apache (U.S.) and purchased CBRE Group (CBRE, Financial) (U.S.), one of the world’s 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 company’s revenues are from stable and recurring fee-based businesses, such as property management, that, in our opinion, are growing rapidly. CBRE’s property management segment, combined with its brokerage business, differentiates its service offerings from some smaller brokerage competitors. The company’s 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.
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Bill Nygren and David Herro Comment on CBRE Group
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