CBRE Appointed to Provide Counselling Services to Itella Real Estate Oy

CBRE is going to manage 80 properties belonging to Itella Reat Estate Oy.

CBRE, a commercial real estate services company, has been appointed as the main advisor by Itella Real Estate Oy, a subsidiary of Itella Corporation, which provides solutions for managing information and product flows in Europe and Russia.

CBRE’s Global Corporate Services and Valuation teams will aim to efficiently manage Itella's portfolio of properties whose total floorage amounts to 700,000 sq m. The portfolio contains logistics and office properties in Russia, Germany, Poland, Sweden, Denmark, Estonia, Latvia, Lithuania and Norway.

“Following a competitive process we are delighted to announce CBRE’s appointment to provide real estate services across our extensive portfolio. As a multi-national company, we were focused on finding a partner with a substantial and experienced cross-border network able to deliver a high standard of advice and services across all our operational markets”, commented Marko Tulokas, the Managing Director of Itella Real Estate Oy.

“Itella is one of the most well-known corporate brands in northern and Eastern Europe, and we are committed to providing them with the highest quality real estate services platform to support their ambitions for this business. For them, we have tailor-made a team combining central management and local transaction specialists to ensure consistent best in class delivery across each of their territories. We believe our expertise in each of Itella's operational markets, coupled with our extensive international platform makes us well-placed to help the company drive greater efficiencies across their portfolio", added Helén Silverstolpe, Global Corporate Services - Nordics, CBRE.

Itella is owned by the Finnish state. In 2012, Itella Group's net sales amounted to over €1.9 billion.

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