CBRE has announced its acquisition of Paia Consulting, a Singapore-based sustainability advisory firm.
Following the acquisition, the company will be rebranded as Paia from CBRE, with the team integrated into CBRE’s existing environmental, social, and governance (ESG) consulting and sustainability programs division.
Carrie Johnson, the founder of Paia Consulting, will continue to play a key role within the newly combined entity, while Corrado Forcellati, who has been Paia’s Managing Director since 2021, will assume the position of Head of Client Sustainability Strategy and Services.
Anshuman Magazine, the CEO of CBRE’s advisory division for India, Southeast Asia, the Middle East, and Africa, highlighted the significant impact this acquisition will have across the Asia Pacific (APAC) region.
He noted that the growing emphasis on sustainability among businesses and increasing regulatory requirements drive companies to develop and implement robust sustainability strategies.
Carrie Johnson, who founded Paia Consulting, brings over 20 years of expertise in sustainability strategy, reporting, and environmental issues. Under Forcellati’s leadership, Paia Consulting has helped companies across Singapore and Southeast Asia integrate sustainability into their business practices.
David Fogarty, who has led CBRE’s ESG Consulting and Sustainability Services team in Asia since 2022, will oversee the expanded team at Paia from CBRE.
Moray Armstrong, Managing Director of CBRE Singapore, expressed that Paia’s expertise will position CBRE as a leader in ESG advisory services in Singapore and the broader Asia Pacific region.
He emphasized that CBRE will collaborate with clients on various aspects of ESG, including reporting, certification, compliance, benchmarking, and developing and implementing ESG systems, ultimately driving positive change in the built environment.
In August 2023, Keppel hired Bennett Wong, a former principal consultant at Paia Consulting, as its Group Sustainability Lead. Wong left Paia in July to join professional services firm RSM.
The acquisition of Paia Consulting by CBRE, announced on August 1, is part of the global property services company’s strategic expansion of its sustainability advisory capabilities in the Asia Pacific region.
In June, United Overseas Bank and Enterprise Singapore launched a sustainability advisory program for SMEs, collaborating with Paia Consulting, CDP, Convene ESG, M1, PwC Singapore, and TÜV SÜD.