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Sat October 19 2019

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Telford takeover completes

2 Oct US property group CBRE Group has completed its £267m acquisition of UK house-builder Telford Homes.

Telford Homes chief executive Jon Di-Stefano
Telford Homes chief executive Jon Di-Stefano

Telford Homes, which is focused on middle-market, build-to-rent properties, will operate as part of Trammell Crow Company, CBRE’s real estate development subsidiary. The acquisition expands Trammell Crow Company’s US development business into the UK market.

“We are excited about the opportunities that Telford Homes affords us,” said Bob Sulentic, president and chief executive of CBRE. “The UK is in the early stages of a secular shift toward institutionally-owned urban rental housing and Telford Homes’ talented team positions us to lead this trend.”

Jon Di-Stefano, who will remain chief executive of Telford Homes, said: “The alignment of our business models, people and culture – along with our shared commitment to partners, clients and local communities – makes this a natural fit. We now have enhanced capabilities to raise capital, acquire the best sites and deliver high-quality properties that meet rising demand for rental housing.”

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