Broll Property Group, one of Africa’s largest real estate services companies, has entered into an exclusive affiliate arrangement with Cushman & Wakefield, a leading provider of global real estate services.
According to Broll, the new venture represents a partnership with Broll’s Occupier Services business and will be branded Cushman & Wakefield Broll, providing clients with an integrated platform covering the entire sub-Saharan Africa region. Broll’s Occupier Services business currently offers portfolio data management, portfolio estate management, transaction management, tenant representation, property management, workplace strategy and more.
Following the decision for CBRE and Broll Property Group to part ways after a 14-year relationship in December last year, the Broll team stated their interest in completing a Black Economic Empowerment (BEE) acquisition deal. CBRE, on the other hand, entered into a joint venture with Excellerate Property Services (Excellerate).
What is most ironic at this point, however, is that prior to CBRE’s joint venture with Excellerate, they were in partnership with Cushman & Wakefield, meaning that Broll and Excellerate essentially swapped partners. Here’s a timeline to simplify:
- 2004 – Broll Property Group and CBRE enter affiliate agreement.
- 2016 – Excellerate and Cushman & Wakefield Enter Partnership.
- 2018 – Broll Property Group and CBRE end affiliate agreement.
- 2018 – Broll Property Group aims to conclude a Black Economic Empowerment (BEE) acquisition deal.
- 2018 – CBRE agrees to enter a joint venture with Excellerate.
- 2019 – Excellerate and Cushman & Wakefield to end their partnership.
- 2019 – Broll Property Group and Cushman & Wakefield enter affiliate agreement.
More to come.