CB Richard Ellis Group has taken over M3 Agency, the industrial and logistics property specialist. M3 has offices in London, Birmingham and Sheffield.
M3 was founded in 2000 by ex-Gerald Eve agents Richard Moffitt and Simon Milner. The 20-person M3 team will be integrated into CB Richard Ellis, and adopt the CBRE brand. M3 has advised some of the biggest names in the UK industrial market, including Goodman, Gazeley, Prologis, Legal and General, CBRE Investors, Standard Life, BA Pensions, Blackrock and F&C.
Martin Samworth, managing director of CBRE UK, said: “We continually seek opportunities to strengthen our presence in key service areas, so when the opportunity arose to acquire M3 we saw it as a very complementary fit for our UK business. The M3 team are respected specialists in the industrial market and we are looking forward to having them join CBRE.”
Richard Moffitt, Managing Partner, M3, said: “We are thrilled to be joining CB Richard Ellis. The company’s global platform, formidable client base and strength across all property sectors will bring new opportunities for us and allow us to further develop and grow our industrial business.”
The UK has been a dominant market in the industrial investment sector recently, accounting for more than half of the total industrial investment turnover in Europe in 2009. More specifically, the revival in European industrial and logistics investment in the latter part of 2009 was very heavily concentrated in the UK, accounting for 54 per cent of European industrial transactions in the second half of the year. In an environment where investors are particularly focussed on quality and length of income as well as market depth, the UK continues to be particularly attractive.