CBRE has acquired Singapore-based specialist sustainability consulting firm Paia Consulting. The New York Stock Exchange-listed commercial real estate services and investment firm did not share the financial details of the acquisition.
Founded in 2002, Paia Consulting provides clients with sustainability strategy, implementation and reporting services in Singapore and across Southeast Asia. According to an Aug 1 announcement, Paia Consulting has worked with over 100 Singapore Exchange S68 -listed firms.
Following the acquisition, the Paia Consulting professionals will integrate with CBRE’s existing ESG Consulting and Sustainability Services team in Singapore, which is the hub for CBRE’s sustainability services across APAC.
David Fogarty, who has led CBRE’s ESG Consulting and Sustainability Services team in Asia since 2022, will integrate the expanded team.
Paia Consulting’s leadership will assume key roles at CBRE. Carrie Johnson, who founded Paia Consulting in 2002, will serve as lead consultant. Corrado Forcellati, who has been Paia Consulting’s managing director since joining in 2021, has been appointed as director, client sustainability strategy and solutions.
Anshuman Magazine, CBRE advisory division president, India, Southeast Asia, Middle East, and Africa, says the acquisition will have an impact across the APAC region. “The greater level of awareness and interest in sustainability is rising among businesses, and increasing regulations will provide an impetus for them to build sustainability strategies and to demonstrate progress on their implementation. The combined team’s work will likely spread across our network of offices, as well as our clients’ multinational operations — giving clients access to best practices across geographies.”
See also: UOB and EnterpriseSG launch sustainability-linked advisory, grants and enablers programme for SMEs
Moray Armstrong, managing director, CBRE Singapore, says the introduction of Paia’s capabilities will bring CBRE to the forefront of ESG advisory in Singapore and across Asia Pacific. “Our professionals will be partnering with clients on reporting, training, compliance, benchmarking, developing, and executing ESG plans. CBRE will positively impact the built environment.”
In August 2023, Keppel hired Bennett Wong. former principal consultant at Paia Consulting, to become its group sustainability senior manager. Wong left in July to join professional services firm RSM.
In June, United Overseas Bank U11 and Enterprise Singapore launched a sustainability advisory programme for SMEs, in collaboration with Paia Consulting, CDP, Convene ESG, M1, PwC Singapore and TÜV SÜD.
