CB Richard Ellis Buys London Realty Firm

CB Richard Ellis, a Los Angeles-based real estate services firm, has acquired London-based Hillier Parker May & Rowden in a deal valued at about $100 million. The acquisition gives CB Richard Ellis--formerly CB Commercial--a major presence in Britain, where the company will be known as CB Hillier Parker. CB will pay $70.1 million in cash and stock for Hillier Parker--which employs 500 workers in six offices--and assume responsibility for paying various annuities at a cost of about $15 million. The Hillier Parker acquisition comes a few months after CB Commercial purchased London-based REI, an international real estate services firm that operated under the name Richard Ellis in 28 countries. The acquisition, however, did not include Richard Ellis offices in Britain.