Why this matters: the world's largest property firm is paying up to $1 billion not for buildings, but for the cables and fiber inside data centers — where much of the AI build-out money is moving.
October 20, 2026 — CBRE Group, Inc. (NYSE: CBRE) announced a definitive agreement to acquire London-based Onnec Group Limited, a provider of data center infrastructure services for major technology companies in Europe and Asia Pacific, for an initial £460 million (approximately $610 million) in cash, according to the company.
Image: Technicians installing fiber and network infrastructure inside a modern data center. Credit: AI-generated illustration / Red Eye Eagle News, original illustration.
Editor's Highlight: The deal could be worth up to £760 million if Onnec hits its growth targets — and it pairs Onnec's Europe and Asia Pacific footprint with the U.S. business CBRE built through its 2024 acquisition of Direct Line Global.
Table of Contents
- Key Facts
- The Deal Terms
- What Onnec Actually Does
- Why CBRE Wants a Global Infrastructure Business
- A Market Where Vacancy Keeps Falling
- Advisors, Approvals and What Happens Next
- Bottom Line
- FAQ
- Sources
Key Facts
| Detail | Information |
|---|---|
| Buyer | CBRE Group, Inc. (NYSE: CBRE), headquartered in Dallas |
| Target | Onnec Group Limited, based in London, founded in 1986 |
| Initial price | £460 million (about $610 million) in cash |
| Earnout | Up to £300 million (about $400 million), multi-year, tied to growth thresholds |
| Onnec 2027 outlook | About £370 million ($498 million) revenue and more than £50 million ($67 million) core EBITDA, per CBRE |
| Employees | Approximately 800, serving hyperscalers in the UK, Continental Europe and Asia Pacific |
| New home | CBRE's Critical Infrastructure Services line of business |
| Expected close | Around the end of 2026, subject to customary regulatory approvals |
The Deal Terms
CBRE said the initial purchase price is £460 million in cash. On top of that, the parties agreed to a multi-year earnout of up to £300 million, payable only if Onnec meets certain growth thresholds, according to the company.
That structure matters. The roughly $1 billion headline value includes the contingent earnout — it is not cash already spent, and the deal has not yet closed.
CBRE expects Onnec to be immediately accretive to core earnings per share, according to the company. That rests on CBRE's 2027 forecasts for Onnec, not reported results.
| Component | Amount |
|---|---|
| Initial cash price | £460 million (about $610 million) |
| Maximum earnout | £300 million (about $400 million) |
| Maximum total | £760 million (about $1.01 billion) |
What Onnec Actually Does
Onnec specializes in the design, deployment and maintenance of network, fiber and data center infrastructure, according to CBRE — the connectivity that runs inside the buildings.
Founded in 1986 in London, Onnec has approximately 800 employees serving hyperscalers across the UK, Continental Europe and Asia Pacific.
Newsroom Focus: This is not a landlord deal. CBRE is buying a contractor whose work begins after a site is chosen, moving it closer to each facility's operational heart.
Why CBRE Wants a Global Infrastructure Business
Onnec will operate as part of CBRE's Critical Infrastructure Services line of business. CBRE expects that line to generate nearly $4.5 billion of total revenue in 2027, including Onnec's contribution, according to the company.
CBRE also expects its other services businesses, notably Project Management and Advisory Services, to generate almost $2.5 billion of infrastructure services revenue in 2027 — nearly $7.0 billion in total, excluding data center land sales, according to the company.
"CBRE is pursuing an explicit strategy to build a global infrastructure services business to complement our real estate services business," said Vikram Kohli, CBRE's chief operating officer, in the company's announcement.
Analysis Note: The geographic fit is the core logic. Onnec's Europe and Asia Pacific presence aligns with services CBRE already delivers in the United States, according to the company — and Bisnow reported the deal positions CBRE at nearly every stage of a data center's build.
A Market Where Vacancy Keeps Falling
The demand backdrop helps explain the price. Bisnow reported that data center supply in the eight primary U.S. markets surged by almost 34% year over year in the first half of 2026, citing CBRE research, yet vacancy fell to a record-low 1.4%.
Bisnow also reported that infrastructure work generated around $450 million in earnings for CBRE in 2025 — 14% of total earnings, up from 3% in 2021. Commercial Observer reported CBRE booked more than $700 million in data center services revenue in the second quarter of 2026.
| Date | Event |
|---|---|
| June 2024 | CBRE acquired U.S.-based Direct Line Global, per Commercial Observer |
| October 20, 2026 | CBRE announced the definitive agreement to acquire Onnec |
| Around end of 2026 | Transaction expected to be completed, per CBRE |
| 2027 | First full year reflected in CBRE's infrastructure revenue estimates |
Advisors, Approvals and What Happens Next
The transaction is subject to customary regulatory approvals and expected to complete around year-end, according to CBRE.
J.P. Morgan Securities, LLC is acting as financial advisor to CBRE, with Simpson, Thacher & Bartlett LLP as legal advisor, according to the company. Goldman Sachs International is acting as financial advisor to Onnec, with Freshfields LLP as legal advisor.
Onnec chairman Barry Horgan said, in the company's announcement, that joining CBRE gives Onnec the platform to broaden its capabilities and provide new opportunities for employees.
Practical Takeaway: The near-term checkpoints are regulatory clearance, a close around year-end, and whether Onnec performs well enough to trigger earnout payments.
Bottom Line
CBRE is spending $610 million upfront, potentially about $1 billion in total, to own more work inside data centers in Europe and Asia Pacific.
If vacancy stays near record lows, that inside-the-building position could prove more durable than brokerage fees. What to watch next is the closing, then Onnec's first results inside CBRE in 2027.
FAQ
How much is CBRE paying for Onnec?
CBRE agreed to pay an initial £460 million (about $610 million) in cash, plus a multi-year earnout of up to £300 million (about $400 million) if Onnec meets growth thresholds, according to the company.
What does Onnec do?
Onnec designs, deploys and maintains network, fiber and data center infrastructure for major technology companies, including hyperscalers, in the UK, Continental Europe and Asia Pacific, according to CBRE.
When will the deal close?
CBRE said the transaction is subject to customary regulatory approvals and is expected to be completed around the end of 2026.
Where will Onnec sit inside CBRE?
Onnec will operate as part of CBRE's Critical Infrastructure Services line of business, which CBRE expects to generate nearly $4.5 billion of revenue in 2027 including Onnec, according to the company.
Why is a real estate firm buying a data center contractor?
CBRE says it is pursuing an explicit strategy to build a global infrastructure services business to complement its real estate services business. Onnec extends the U.S. capability CBRE built with Direct Line Global into Europe and Asia Pacific.
Sources
- Business Wire — CBRE announcement, October 20, 2026: https://www.businesswire.com/news/home/20261020066142/en/CBRE-Expands-Critical-Infrastructure-Capabilities-in-Europe-and-Asia-Pacific-with-Onnec-Acquisition
- Bisnow — CBRE Expands Data Center Footprint With $1B Acquisition Of Onnec Group: https://www.bisnow.com/news/national/data-center-sustainability-operations/cbre-expands-data-center-footprint-1b-acquisition-onnec-group
- Commercial Observer — CBRE Acquires Onnec Group for $610M: https://commercialobserver.com/2026/10/cbre-acquisition-data-center-onnec-group/
- Hero image — AI-generated illustration / Red Eye Eagle News, original illustration (no external photo source).
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