CBRE Buys Italian Local Facilities Management Provider Geico Lender

(RTTNews) - CBRE Group, Inc. (CBG), a commercial real estate services and investment firm, announced Monday that it has acquired Geico Lender S.p.A, a building technical engineering services provider in Italy.

Geico Lender provides a broad range of services focused on the maintenance and installation of HVAC, building automation and other technological systems for financial institutions and other private sector companies.

Geico Lender, which employs more than 300 staff members, operates from six locations across Italy. After the deal, it will operate as part of CBRE's Global Workplace Solutions or GWS business in Italy. It adds extensive specialist technical services capabilities to the integrated suite of services for occupier clients throughout Italy.

CBRE said the Geico Lender acquisition complements the integration of both the Norland Managed Services business in the United Kingdom, acquired by CBRE in December 2013, and the facilities management business of Johnson Controls Incorporated, acquired by CBRE in September 2015.

Geico Lender was advised by EY as a financial advisor.