The world's top real estate services company, Los Angeles-based CB RICHARD ELLIS, will merge its Tokyo operations with those of IKOMA CORP. and acquire 20 percent of the real estate services market leader in Japan. IKOMA/CB RICHARD ELLIS, to be headquartered in Osaka, will be part of the CB Richard Ellis global network, which has more than 200 offices in 30 countries. The merger comes at a time when many analysts believe that the Japanese property market, on the skids for years, is poised to rebound. Through a nationwide network of 20-plus offices, the joint venture will be positioned to provide enhanced property sales and leasing, property management, facilities management and other corporate services as well as investment services to CB Richard Ellis clients doing business in Japan. The American company, itself the product of a merger and an acquisition within the last year, found Ikoma an attractive partner in part because of its data base of information on office space in some 100,000 buildings in Japan.
An exchange rate of ¥117=$1.00 was used in this report.aaaaaa