CBRE acquires remaining stake in shared workspace provider Industrious for $400 mln

CBRE

14/01/2025 14:53

Jan 14 (Reuters) - Real estate services firm CBRE Group
 CBRE.N  said on Tuesday it will acquire the 60% stake it does
not already own in flexible workspace provider Industrious
National Management Company for $400 million.
        The company said it will also create a new business
segment called Building Operations & Experience, which will
integrate its building operations, workplace experience, and
property management.
  
    The new unit will be headed by Jamie Hodari, Industrious'
chief executive officer and co-founder.
    Industrious, founded in 2012, offers flexible workplaces at
more than 200 locations in over 65 cities globally.
    CBRE's increased investment in Industrious comes as the U.S.
office property market shows signs of recovery after being
severely impacted by the COVID-19 pandemic and the shift to
remote work.
     The deal values Industrious at approximately $800 million,
including debt. CBRE's previous investments in the company
include a 40% equity stake as  a $100 million convertible note.
        CBRE also said that COO Vikram Kohli will now also hold
the title of CEO of the company's Advisory Services division.
  

 (Reporting by Anshuman Tripathy in Bengaluru; Editing by Tasim
Zahid)
 ((Anshuman.Tripathy@thomsonreuters.com;))