CBRE Group to get new debt for Global WorkPlace acquisition

By Sara Rosenberg

New York, March 31 – CBRE Group Inc. plans on incurring new long-term debt to help fund its purchase of Global WorkPlace Solutions from Johnson Controls Inc., company officials said in a conference call on Tuesday.

Other funds for the transaction will come from cash on hand.

The purchase price is $1,475,000,000 in cash, or $1.3 billion net of the present value of estimated tax benefits, and with customary post-closing adjustments for working capital and other items.

Closing is expected in the late third quarter or early fourth quarter, subject to customary regulatory approvals.

CBRE is a Los Angeles-based commercial real estate services and investment firm. Global WorkPlace Solutions is a provider of facilities, corporate real estate and energy management for companies.

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