The Real Deal Miami

CB Richard Ellis to sell $100M in Class A stock

June 10, 2009 06:10PM

Commercial real estate giant CB Richard Ellis announced today that it will sell 14 million shares of its Class A stock to hedge fund Paulson & Co. for $100 million and plans to raise another $50 million in periodic stock sales in order to pay down its debt of nearly $2.4 billion. Most of that debt was incurred following CBRE’s $1.9 billion purchase of Trammell Crow in 2006. CBRE owes $310 million in debt payments beginning next year, according to Bloomberg data. CBRE stock rose 15 percent to $9.38 per share in afternoon trading today. TRD