CBRE Group, Inc. is a holding company that conducts all of its operations through its indirect subsidiaries. The Company is a commercial real estate services firm. As of December 31, 2011, it operated approximately 300 offices worldwide, providing commercial real estate services under the CBRE brand name, investment management services under the CBRE Global Investors brand name and development services under the Trammell Crow brand name. CBRE Services, Inc., its direct wholly owned subsidiary, is also a holding company and is the primary obligor or issuer with respect to most of its long-term indebtedness. The Company operates in five segments: Americas, Europe, Middle East and Africa (EMEA), Asia Pacific, Global Investment Management and Development Services. In March 2014, the Company acquired VALTEQ Gesellschaft mbH and its subsidiaries.