Property manager Broll has ended its four-year partnership with US-based CBRE Group to become a majority black-owned business. The privately owned Broll, which turned 43 in 2018, is in talks to sell shares to an unnamed black-owned company. Chair Jonathan Broll said it was time the company made an effort to improve transformation in SA. He said the decision to end the relationship with CBRE was amicable. “As South African society changed, we realised we have a responsibility to ourselves, our shareholders and the public to conclude a BEE deal as soon as possible,” he said. “After a protracted period of negotiations to be acquired by CBRE, it became apparent that an agreement satisfying this condition would not be reached. I believe that events have therefore unfolded to the advantage of all parties,” said Broll. The company entered into an affiliate agreement with CBRE in 2014 to service the US organisation’s clients in regions where it had no presence: SA, Nigeria, Ghana and the In...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now