CBRE Group has formed a definitive agreement to acquire Industrious National Management Co., a provider of flexible workplace solutions.
In conjunction with the acquisition, CBRE will create a new business segment called Building Operations & Experience (BOE). This new segment will unify building operations, workplace experience and property management, positioning CBRE to deliver scalable, future-ready solutions for offices, data centers, warehouses and other facilities. The transaction is expected to close later this month.
Since late 2020, CBRE has invested in Industrious through an approximately 40 percent equity interest and a $100 million convertible note. The company will acquire the remaining equity stake for approximately $400 million, reflecting an implied enterprise valuation of approximately $800 million. The transaction is expected to be immediately accretive to 2025 core EBITDA and free cash flow.