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COMMERCIAL REAL ESTATE

Ellis Buys Rest of Australia-New Zealand Unit

October 06, 1998| Bloomberg News

CB Richard Ellis Services Inc., one of the world's largest real estate services companies, has bought the remaining interests in Richard Ellis Australia & New Zealand that it didn't already own.

Los Angeles-based CB Richard Ellis didn't disclose terms of the acquisition, announced last week. It comes after the company bought the remaining stake last month in its Canadian unit as part of an effort to step up control over its subsidiaries.

CB Richard Ellis was formed earlier this year when CB Commercial Real Estate Services Group in the U.S. bought Britain's Richard Ellis International. The combined company, which offers property management, financing, sales and leasing, and facilities management services, does business in 29 countries and had revenue of $848 million last year.

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