Cbre Group Inc · NYSE:CBRE
Cbre — CB Richard Ellis Group — Merger or Acquisition (February 2011)
19 slides from Cbre's merger presentation, Feb 15, 2011
Slide 1: CB Richard Ellis Group, Inc. ING REIM Presentation February 2011
CB Richard Ellis Group, Inc. ING REIM Presentation February 2011
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation contains statements that are forward looking within the meaning of the Private Securities Litigation Reform Act of 1995, and involve risks and uncertainties including, but not limited to, the ability to consummate a transaction with substantially all of t
Slide 3: Participants
Participants Brett White Chief Executive Officer Gil Borok Chief Financial Officer Jim Groch Chief Investment Officer Nick Kormeluk Investor Relations
Slide 4: Transaction Overview
q Transaction Overview CBRE
Slide 5: Key Transaction Points
Key Transaction Points CBRE to purchase substantially all of ING REIM’s real estate investment management business in Europe and Asia and its U.S. based global real estate listed securities business (CRES) for $940 million in cash before transaction/ integration costs and the purchase of certain co-
Slide 6: Global Investment Management Combination
Global Investment Management Combination
Slide 7: A Unique Opportunity
A Unique Opportunity Trough of the economic cycle Combining two very strong and successful platforms Excellent fit with minimal overlap Highly complementary product offerings Highly complementary client profiles
Slide 8: Global Investment Management – Combined Results
Global Investment Management – Combined Results Significantly enhances depth and breadth of Investment Management platform Combined EBITDA Margin at 31% with acquisition (26% without) for 2010 Expected to produce modest future net positive run rate cost synergies * Preliminary as of December 31, 201
Slide 9: Combination of Two Very Successful Businesses
Combination of Two Very Successful Businesses Based on CBRE Investors AUM calculation methodology. Based on ING REIM’s AUM calculation methodology. Euro/Dollar exchange rate of $1.3379. 1) 2) $0 B $5 B $10 B $15 B $20 B $25 B 2005 2006 2007 2008 2009 2010 4.7 7.0 9.6 4.6 1.9 4.8 9.1 13.0 13.3 10.2 6
Slide 10: Highly Complementary Product Offerings
Highly Complementary Product Offerings ING REIM 2 CBRE Investors 1 Note: For purposes of comparison all figures are as of 9/30/10. Minimal Overlap and Integration 1) Based on CBRE Investors AUM calculation methodology. 2) Based on ING REIM’s AUM calculation methodology. Euro/Dollar exchange rate of
Slide 11: Highly Complementary Client Profiles
Highly Complementary Client Profiles 200 institutional clients Mostly U.S. based ING REIM 1) Based on allocation as of September 30, 2010 as calculated by ING REIM management 400+ institutional clients Mostly Europe based CBRE Investors 1
Slide 12: Total Company Combined
q Total Company Combined CBRE
Slide 13: Serving Clients With Unprecedented Market Knowledge
Serving Clients With Unprecedented Market Knowledge Activity Measure Global Rank Leasing $56.7 billion (5) #1 (1) Sales $40.5 billion (5) #1 (1) Property/Facilities Management 2.6 billion square feet (4) (6) #1 (2) Mortgage Brokerage Loan Origination $6.3 billion (5) #1 (3) Valuation & Consulting 10
Slide 14: Total Company 2010 Results - Stand Alone & Combined
Total Company 2010 Results - Stand Alone & Combined Based on 2010 preliminary results as calculated by ING REIM management. 1)
Slide 15: Combined Business Locations
Combined Business Locations * Includes affiliate offices.
Slide 16: Financing
q Financing CBRE
Slide 17: Financing
Financing Sources of capital to fund an all in acquisition cost of ~$1.2 billion Cash of $507 million1 Undrawn revolver capacity of ~$650 million1 Unutilized accordion facility of $800 million1 Board approved future at the market equity offering of up to $250 million 2 Combined leverage ratio expect
Slide 18: Appendix
Appendix
Slide 19: Reconciliation of Normalized EBITDA to EBITDA to Net Income
Reconciliation of Normalized EBITDA to EBITDA to Net Income Includes EBITDA related to discontinued operations of $16.4 million for the twelve months ended December 31, 2010. Includes depreciation and amortization related to discontinued operations of $0.6 million for the twelve months ended Decembe
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