CBRE acquires Singapore-based sustainability advisory firm Paia Consulting

On August 1, CBRE announced that it has acquired Paia Consulting, a Singapore-based sustainability advisory firm. The acquisition is part of the New York Stock Exchange-listed global real estate services firm’s expansion of its sustainability advisory business in Asia Pacific. Carrie Johnson started Paia Consulting and is its founding director. She has over 20 years of experience in sustainability strategy, reporting, and environmental issues. Corrado Forcellati, Paia Consulting’s managing director since 2021, helps companies in Singapore and Southeast Asia incorporate sustainability into their business operations. Following the acquisition, the company will be renamed Paia from CBRE, and the staff will be integrated with CBRE’s existing environmental, social, and governance (ESG) consulting and sustainability services team. Johnson will be the lead consultant under the merged entity, while Forcellati will be the new director of client sustainability strategy and solutions. Read also: Heritage building on Norris Road for sale at $16 mil Advertisement Advertisement David Fogarty, who has led CBRE’s ESG Consulting and Sustainability Services team in Asia since 2022, will lead the expanded team at Paia from CBRE. Moray Armstrong, managing director of CBRE Singapore, says the introduction of Paia’s capabilities will put CBRE at the forefront of ESG advisory in Singapore and across Asia Pacific. “Our professionals will partner with clients on reporting, training, compliance, benchmarking, developing, and executing ESG plans. CBRE will positively impact the built environment.” 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.” 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 and Enterprise Singapore launched a sustainability advisory programme for SMEs, in collaboration with Paia Consulting, CDP, Convene ESG, M1, PwC Singapore and TÜV SÜD.