It "has strongly denounced Russia's invasion of Ukraine"
Commercial real estate giant CBRE Group has joined the list of major companies that have decided to cut corporate ties with Russia over its invasion of Ukraine.
The firm said Monday that it has started closing its office in Moscow, which provides leasing, investment, property management, and valuation services. Additionally, CBRE will “terminate two existing affiliate relationships” and discontinue most of its business in the country.
The discontinued operations in Russia make up less than 1% of CBRE’s global revenue in 2021.
However, CBRE will continue to manage facilities and provide other essential services for existing multi-national clients operating in Russia as part of its contractual obligations. CBRE said it is also working to support the transition of its Russian employees.
“CBRE regrets the impact that this transition will have on those employees, who are leaving the company through no fault of their own,” the firm said in a statement.
Read more: How will the Russia-Ukraine conflict affect the housing sector?
“CBRE has strongly denounced Russia’s invasion of Ukraine. The company continues to provide physical and direct monetary assistance for employees of CBRE’s affiliate in Ukraine who are in need. In addition, CBRE people have given generously to the company’s global fundraising campaign to benefit the UNHCR, the UN Refugee Agency’s equitable humanitarian relief efforts.”
