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CBRE Group, Inc. (NYSE:CBRE) announced its decision to discontinue most of its operations in Russia due to the ongoing conflict in Ukraine. The company is exiting its Moscow office, which represents less than 1% of its 2021 global revenue, and is terminating two affiliate relationships in the country. While CBRE will continue to support existing multinational clients, it expressed regret over the impact on its Russian employees. The company has also actively condemned Russia's invasion of Ukraine and is providing assistance to its Ukrainian affiliate.
Positive
CBRE is actively supporting its employees transitioning out of the Russian market.
Continues to manage services for existing multinational clients in Russia.
Negative
Discontinuation of operations in Russia, though representing less than 1% of revenue, may indicate a vulnerability to geopolitical risks.
DALLAS--(BUSINESS WIRE)--
CBRE Group, Inc. (NYSE:CBRE) today announced a decision to discontinue most of its business in Russia in response to the horrific attack on Ukraine. The company has begun the process of exiting its office in Moscow, which provides leasing, investment, property management and valuation services, and terminating two existing affiliate relationships in the country. Consistent with its contractual obligations, CBRE will continue to manage facilities and provide other essential services for existing multi-national clients that are operating in Russia.
CBRE is working diligently to support its loyal and hardworking colleagues in Russia who will transition from the company. CBRE regrets the impact that this transition will have on those employees, who are leaving the company through no fault of their own.
The discontinued operations in Russia constitute less than 1% of CBRE’s global revenue in 2021.
CBRE has strongly denounced Russia’s invasion of Ukraine. The company continues to provide physical and direct monetary assistance for employees of CBRE’s affiliate in Ukraine who are in need. In addition, CBRE people have given generously to the company’s global fundraising campaign to benefit the UNHCR, the UN Refugee Agency’s equitable humanitarian relief efforts.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com. We routinely post important information on our website, including corporate and investor presentations and financial information. We intend to use our website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Such disclosures will be included in the Investor Relations section of our website at https://ir.cbre.com. Accordingly, investors should monitor such portion of our website, in addition to following our press releases, Securities and Exchange Commission filings and public conference calls and webcasts.
