CB Richard Ellis Group acquired the remaining 90% of its Irish commercial real estate affiliate, CB Richard Ellis Gunne, from Gunne Commercial Real Estate for $24.6 million in cash, said Marie Hunt, director of CB Richard Ellis Gunne. The subsidiary will remain in Dublin and will be renamed CB Richard Ellis later this year, she said.
CB Richard Ellis had an option to purchase 20% but instead bought the entire company, Ms. Hunt said. CB Richard Ellis executives would like to expand in Ireland, which has a strong real estate leasing and investing market, said Steve Iaco, director of corporate communications. It is a "good fit," he added.