BREAKING NEWS: CBRE Group, Inc. announced that it intends to acquire all the issued and to-be-issued shares of London-based Telford Homes Plc. Telford is a leading developer of multifamily residential properties in London, with a development in-process portfolio (total project cost) of $1.66 billion (£1.32 billion). Telford is focused on opportunities to develop middle-market build-to-rent properties, a fast-growing component of the London housing sector. The growth of rental housing is being fueled by changing attitudes about renting versus ownership, higher affordability relative to for-sale housing, and limited supply. “The UK is in the early stages of a secular shift toward institutionally owned urban rental housing, similar to what we have seen in the US over the last two decades,” said Bob Sulentic, president, and chief executive officer of CBRE. The acquisition represents a strategic expansion of CBRE’s highly successful Trammell Crow Company real estate development business to opportunistically expand its development platform over time in the UK and Europe.