CBRE, the world’s largest commercial real estate services and investment firm, completed the acquisition of a 60% stake in Turner & Townsend, an independent professional services company specializing in program management, project management, cost and commercial management, for $1.3bn. "This is a transformational transaction for our project management business in terms of both breadth and scale of capabilities. We see sizable secular growth opportunities in project management, which are being propelled by rising public and private infrastructure investment and the drive to a low-carbon global economy. Turner & Townsend is by far the best firm to help us realize our ambitions for this business. It is an exceptionally well-run company with a first-rate brand, enviable client base and expertise that complements our capabilities," Bob Sulentic, CBRE President and CEO.