CBRE has acquired New Zealand’s largest independent property valuation and advisory firm, TelferYoung, in a move that will double its size in the country.  

TelferYoung employs about 200 staff and has 14 offices across the country, providing valuation and advisory services across rural, residential, industrial, commercial, retail and infrastructure assets. 

“With TelferYoung, we will diversify our footprint, client type and capability, adding a residential offering to our strong New Zealand commercial valuations business,” Andrew Stringer, Senior Managing Director, CBRE New Zealand, said.   

“It will also provide us with capabilities in areas such as agriculture and tourism, which are mainstays of the New Zealand economy.” 

TelferYoung Board Chair Rowan Cambie said the businesses were extremely well aligned, both strategically and culturally.  

“This integration will broaden our combined market coverage and allow us to provide an expanded range of services to our clients as well as enhanced career opportunities for our people,” Cambie said.  

The acquisition price was not disclosed. 

The M&A deal comes after Cushman & Wakefield acquired Perth-based office leasing and property management agency, Sheffield Property, in April this year.  

It was Cushman & Wakefield’s fifth acquisition in seven years, after acquiring national capital markets business Inc RE, Knight Frank’s NSW-based valuation division, Wright Property in Queensland, and trades services business, Smith Brothers, in South Australia. 

Since 2015, Cushman & Wakefield has grown significantly in Australia both organically and by acquiring leading businesses that extend its capability and interstate service coverage. 

Last October, global property consultancy Knight Frank partnered with Cresa, the world’s largest occupier-centric commercial real estate firm.  

Together, Knight Frank and Cresa were said to have over 16,000 people across 384 offices in 51 territories, including Australia.