CB Richard Ellis has reported that its profit in the third quarter of this year fell 65% to $40.4 mln (EUR 31.5 mln) from $114.9 mln (EUR 89 mln) a year earlier. Revenue fell to $1.3 bn from $1.5 bn a year earlier. The international broker blamed the fall in profits on the crippled real estate investment market due to the credit crunch.
As Ares completed a €325 mln French logistics acquisition from Blackstone, another French portfolio came onto the market.
