Simpson Thacher advised CBRE in connection with the combination of its Project Management business with Turner & Townsend, its majority-owned subsidiary that provides programme management, cost consultancy and project management services globally.
Upon closing the transaction, CBRE owns 70% of the combined Turner & Townsend/CBRE Project Management business, with Turner & Townsend partners holding the remaining 30%. CBRE acquired a 60% ownership interest in Turner & Townsend in November 2021 and since then, Turner & Townsend has grown revenue at a compound rate of more than 20%.
Turner & Townsend operates across three business segments globally: Real Estate – serving investors and occupiers across all property types, including data centers and life sciences; Infrastructure – notably transport and aviation; and Energy and Natural Resources – including renewable energy, alternative fuels and liquified natural gas.
The Simpson Thacher team included Mark Pflug, Tegan Creedy and Avery Golombek (M&A); Benjamin Rippeon, Sophie Staples, Yash Rupal, Sefia Jivraj and Ruoxi Yang (Tax); Tristan Brown and Allison Sutherland (Executive Compensation and Employee Benefits); Nicholas Westbrook, Luqman Meedin and Camilla Gelson-Thomas (Privacy); Lori Lesser and Kate Mirino (Intellectual Property).