CB Richard Ellis increases visibility in Russia

Commercial real estate giant CB Richard Ellis Group Inc. today announced it has purchased 51 percent ownership in Russian real estate firm Noble Gibbons from Alfa Capital Partners’ investors and their shareholders. Noble Gibbons will now operate as CB Richard Ellis Noble Gibbons.

Financial terms have not yet been made public but the 2005 sales and leasing transactions completed by Noble Gibbons have been valued at $233 million. The company, located in Moscow, manages more than 2.6 million square feet of commercial real estate. CB Richard Ellis has committed to buying the remaining shares of Noble Gibbons, subject to certain conditions, at a later date according to a statement released by the company.

“The Noble Gibbons acquisition fits perfectly with our strategy of establishing a leading position in the world’s top business capitals,” said Brett White, CB Richard Ellis president and CEO. “Moscow continues to attract significant investment capital as its economy and real estate market matures.”

Founded in 1906 and headquartered in Los Angeles, Calif., CB Richard Ellis Group Inc. provides commercial real estate services to the occupiers, owners, lenders and investors of office retail, industrial, multifamily and other commercial real estate assets worldwide. —TRACIE STONE