#CBRE’s revenue increase due to purchase of #ING REIM
According to ZYRE, CBRE Global Investors’ revenue reached $107.8 million in the fourth quarter of 2011, up 35 percent from $79.8 million one year prior. The increase resulted from higher asset management fees, primarily stemming from the inclusion of ING REIM, which contributed approximately $60 million in revenue in the fourth quarter.
“Global investment and management revenue increased 44 percent quarter-over-quarter, driven by increases in asset management fees, largely attributable to the ING REIM businesses that we acquired,” said Gil Borok, chief financial officer of CBRE, during an earnings call held yesterday.
Fourth quarter operating expenses were 34.2 percent of total revenue versus 31.6 percent in the fourth quarter of 2010. Excluding the impact of the cost containment expenses and integration in other costs related to ING REIM, operating expenses as a percentage of revenue were 31 percent for the fourth quarter, a slight decrease from 31.2 percent the prior year. This decrease came despite the inclusion of ING REIM’s operating expenses, all of which flow to the operating expense line as opposed to cost of services.
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