CBRE revenue hits $1.5bn as property sells

COMMERCIAL property agent CBRE yesterday posted a cheering 12 per cent rise in net profit for the past quarter as global property sales jumped 23 per cent.

The results, released after US markets closed, showed that its revenues hit $1.5bn (£940m) in the third quarter, 21 per cent higher than in the same quarter in 2010, while net profit was $63.8m.

Global mortgage loans were up 52 per cent from last year, to about $5.8bn, while leasing revenues also rose almost a fifth, it said.

Chief executive Brett White said the company was “very pleased” with the results at a time of such economic uncertainty.

“Global revenue rose significantly in nearly all of our major service lines and geographies, reflecting the durability of the commercial real estate market recovery, coupled with our ability to improve market share in an uneven macro environment,” he said.

CBRE said its EMEA business produced the biggest revenue rise, of 28 per cent, despite Europe’s sovereign debt worries, while its leasing revenues from the region rose by a third as it signed big deals in the UK, France, Germany and the Netherlands. White said its Americas business also performed well, with property sales rising 42 per cent compared with 2010.

Investors welcomed the news, sending CBRE’s shares 7.4 per cent higher in after-hours trading.