CBRE Group Inc. (NYSE: CBG) is buying Preuss Gesellschaft mbH and its subsidiaries for an undisclosed amount.
Preuss provides project management services in Germany for real estate development and property refurbishment. The company's 100 employees operate out of offices in Munich, Berlin, Frankfurt and Dusseldorf.
Los Angeles-based CBRE is a commercial real estate services and investment firm that provides advice and execution for property sales and leasing, corporate services, project management, mortgage banking, valuation and development services.
The company is CBRE's second acquisition in Germany this year, following the company's deal for Valteq Gesellschaft mbH, a real estate consulting firm, in February. In 2013, CBRE bought Sogesmaint-CBRE, a property and asset management group based in Belgium, and Ares Management LP's (NYSE: ARES) deal for a majority stake in London real estate developer London Square for about $189 million.