CBRE to Buy $1.3 Billion Stake in U.K.’s Turner & Townsend (1)

CBRE Group Inc. has agreed to buy a majority stake in Turner & Townsend Plc, a U.K.-based manager of major infrastructure and real-estate construction projects.

The Dallas-based property services group will pay about 960 million pounds ($1.3 billion) for a 60% share of the consultant, according to a statement Tuesday. The deal values Turner & Townsend at around 1.6 billion pounds, the statement said.

“This is a transformational transaction for our project management business in terms of both breadth and scale of capabilities,” Bob Sulentic, CBRE’s chief executive officer, said in the statement.

The world’s biggest real estate ...