Citi has hired CB Richard Ellis to act as one of the three preferred real estate services advisors for its transaction management services across Europe, the Middle East and Africa (EMEA). 

The joint mandate for Citi's real estate network covers over 1,640 offices, call centres and retail outlets in 53 countries across EMEA totaling over 13.2 m sq ft. 

John Westwood, Citi head of real estate and business development for EMEA, said: "Having previously worked with a large number of different service providers to support our transactional activity in the region, we have completed this tender process in order to select a panel of suppliers who can drive best practices across our portfolio, enabling us to improve levels of consistency and service delivery, and achieve improved economies of scale."

Matthew Pullen, executive director of CBRE global corporate services, EMEA, said: "This is an extremely significant engagement for CBRE. It builds on our established working relationship with Citi and demonstrates the strength of our experience and understanding of the objectives and challenges faced by international financial services clients. We look forward to partnering with Citi to deliver visible benefits back to their Business Units."

The other two preferred advisors include Cushman & Wakefield and Knight Frank.

CB Richard Ellis Group, a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world's largest commercial real estate services firm (in terms of 2007 revenue). With over 29,000 employees, the company serves real estate owners, investors and occupiers through more than 300 offices worldwide (excluding affiliate offices). - TradeArabia News Service