Goldman Sachs Alternatives to acquire a majority stake in Celnor, a fast-growing international built environment-focused testing, inspection, certification and compliance (“TICC”) platform, with Inflexion, Founder and Management reinvesting Celnor Group (“Celnor”), a leading provider of risk, safety, compliance and testing services across the built environment, announced that the Private Equity business within Goldman Sachs Alternatives (“Goldman Sachs”) has entered into a definitive agreement to acquire a majority stake in the Company. Founder and Chief Executive Officer, Simon Parrington, and members of the wider management team will remain invested alongside Goldman Sachs, together with existing shareholder Inflexion Private Equity (“Inflexion”). The transaction is subject to customary regulatory approvals and is expected to close in Q1 2027. Founded in 2023, Celnor has rapidly grown into a leading platform in the TICC market. Today, the Group supports more than 20,000 clients, employs over 2,750 colleagues across 60 locations and generates annual revenues exceeding £300 million. With a national footprint across the UK and a growing international presence in the US and Europe, Celnor supports customers in meeting increasingly complex regulatory, safety and environmental requirements across the built environment. The investment from Goldman Sachs will support Celnor’s next phase of growth, accelerating its international expansion strategy, particularly in the United States and Continental Europe, while further strengthening its technology, operational and acquisition capabilities. Celnor will continue to pursue targeted acquisitions, invest in talent and innovation, and support its growing customer base. Simon Parrington and the existing management team will continue to lead Celnor, supported by Goldman Sachs and Inflexion. Simon Parrington, Founder and Chief Executive Officer of Celnor Group, said: “In three years, we have built a strong international platform, underpinned by exceptional people, trusted brands and a shared commitment to our customers. Partnering with Goldman Sachs is an important next step in our long term strategy and will enable us to invest further in our people and capabilities, strengthen our proposition for clients and create new opportunities for colleagues across the Group. I would like to thank Inflexion for its invaluable support since day one and am delighted they will continue as a partner in our next chapter.” Jose Barreto, Partner within Private Equity at Goldman Sachs Alternatives, said: “Having built a close relationship with Simon and the management team since Celnor’s formation, we are delighted to invest in the business at this hugely exciting stage in its evolution. We’ve been very impressed by Simon and the management team’s track record of building and scaling the Group via M&A, while maintaining a clear focus on its customers, its service quality and importantly, its people. We look forward to partnering alongside Inflexion and management to drive future growth, both in the UK and internationally.” Harry Wilson, Investor within Private Equity at Goldman Sachs Alternatives, added: “Celnor has established a differentiated position in an attractive end-market underpinned by deep technical expertise, compliance requirements and trusted customer relationships. We look forward to drawing on Goldman Sachs’ global network and value creation capabilities to support the Company’s continued development, both organically and through targeted acquisitions.” Tom Pemberton, Partner and Head of Enterprise Fund, Inflexion, commented, “Celnor is a great example of how Inflexion can provide huge flexibility and generate significant value. We backed an entrepreneurial founder to start from scratch to build a high quality, scaled business in an attractive, fragmented market. Simon and the team have executed the strategy incredibly and we look forward to continuing to support them as a minority shareholder.” Dominic Clark, Investment Director, Inflexion, added, “Celnor is an example of buy-and-build done well: a clear strategy, a disciplined and relationship-led approach to acquisitions, and sustained investment in the businesses once they joined. That combination has developed deep technical expertise across the Group, delivered at scale, and there is significant runway ahead – particularly in the US and Continental Europe – and we are proud to remain part of Celnor’s story alongside Simon, the team and Goldman Sachs.” Celnor and Inflexion were advised by Rothschild & Co (Corporate Finance), OC&C (Commercial), Alvarez & Marsal (Financial, Tax), and Addleshaw Goddard and Slaughter and May (Legal). Goldman Sachs Alternatives was advised by Houlihan Lokey (M&A), Linklaters (Legal), and EY (Financial and Tax). Building, Design & Construction Magazine | The Choice of Industry Professionals

United Trust Bank (UTB) has completed a £35.5m bridge-to-investment facility secured against a new £51.1m GDV mixed-use build-to-rent (BTR) development in South-West London. The five-year facility, provided by UTB’s Structured Property Finance team, enabled the experienced developers, Dominus New Homes, to refinance their existing development loan and release equity from the scheme as it approached practical completion. The development, known as Wandle Place, comprises 96 BTR apartments and approximately 9,000 sq.ft. of commercial space in the popular and well-connected London suburb of Earlsfield. The scheme has already attracted strong rental demand, with tenancies agreed on nearly half of the apartments within seven weeks of marketing. Dominus New Homes has considerable experience in the BTR sector and has successfully delivered more than 2,000 homes. The opportunity was introduced to UTB’s Martin Cameron by Stan Lersch, founder of Property Finance Services acting for Dominus New Homes. Deal highlights Loan size – £35.5m Development GDV – £51.1m LTV – 70% Term – 5 years with stepped down rate once agreed ICR achieved UTB structured the £35.5m facility at 70% loan-to-value (LTV), providing the borrowers with funding certainty through the initial letting period and into the investment phase. The bespoke facility includes a reduction in the lending margin once rental income has stabilised and an agreed interest cover ratio (ICR) has been achieved. This is expected within three to six months of practical completion and allows the borrowers to benefit from more competitive funding costs as the development becomes established. The transaction demonstrates UTB’s appetite for substantial lending opportunities across the living sector and its ability to structure facilities which support developers through the transition from construction to income-producing investment assets. Chris Mason, Director of Dominus New Homes, commented: “Our business model has always been to build for sale, but current poor demand to buy new flats in London required a rental approach this time, together with an investment loan to repay our development finance on time. After all the hard work involved in bringing a development of this scale to completion, it’s particularly rewarding to see such a quick and positive response from prospective tenants. “With UTB’s funding in place, we can concentrate on getting the remaining apartments let, welcoming our first residents and making this a development people will be delighted to call home.” Stan Lersch, Founder of Property Finance Services, said: “Dominus New Homes have an outstanding track record in residential development and have delivered another high-quality scheme. With the development nearing completion, the priority was to secure a funding solution which would refinance the existing facility, release some equity and provide long-term certainty without the need for another refinancing exercise in a few months’ time. “UTB understood exactly what we were trying to achieve and came back with a well-structured proposal which worked for the clients both immediately and over the longer term.” Martin Cameron, Business Development Director – Structured Property Finance, United Trust Bank, said: “Build-to-rent is an increasingly important part of the UK residential property market, and developers need funding partners who understand that completing a scheme is only one stage of the investment journey. “At £35.5m, this is a substantial commitment to a new UTB customer, and a good example of how our Structured Property Finance team can provide flexible, commercially attractive funding for larger and more complex property transactions.” Building, Design & Construction Magazine | The Choice of Industry Professionals

Global real estate services and investment giant CBRE has agreed a deal worth up to $1 billion to acquire London-based data centre infrastructure specialist Onnec, significantly expanding its capabilities in one of the fastest-growing sectors of the built environment. The acquisition will see CBRE pay an initial £460 million ($610 million) in cash, with a further performance-related payment of up to £300 million ($400 million) potentially payable over several years. The transaction represents a major investment in specialist data centre engineering, network infrastructure and technical services, strengthening CBRE’s position in a market being driven by growing demand for cloud computing, artificial intelligence and digital connectivity. Founded in 1986 and headquartered in London, Onnec specialises in the design, deployment and maintenance of network, fibre and data centre infrastructure, providing critical technical services to major technology operators and hyperscale data centre customers. The business employs approximately 800 people across the United Kingdom, continental Europe and the Asia-Pacific region, giving CBRE an established international platform from which to expand its specialist infrastructure operations. Once completed, Onnec will become part of CBRE’s critical infrastructure services business, complementing the group’s existing data centre infrastructure capabilities in the United States. The acquisition is expected to create opportunities for greater international coordination across the design, installation, commissioning, operation and maintenance of increasingly complex digital infrastructure facilities. For the construction and engineering sectors, the deal highlights the growing strategic importance of the specialist contractors and technical service providers responsible for delivering the infrastructure within modern data centres. While investment in data centre development is frequently measured through the construction of large-scale buildings and campuses, the technical infrastructure housed within these facilities is equally critical to their performance. High-capacity fibre networks, structured cabling, connectivity systems and associated infrastructure form essential components of the operational environment required by hyperscale technology businesses. As demand for computing capacity increases, developers and operators are placing greater emphasis on the delivery of reliable, scalable and resilient facilities capable of supporting increasingly demanding technology requirements. Onnec’s specialist expertise will therefore strengthen CBRE’s ability to support customers across the wider lifecycle of data centre assets, from initial infrastructure deployment through to ongoing technical maintenance. The financial outlook for the acquired business also demonstrates the scale of the opportunity within this rapidly expanding market. Onnec is expected to generate approximately £370 million ($498 million) in revenue during 2027, alongside core earnings before interest, tax, depreciation and amortisation (EBITDA) exceeding £50 million ($67 million). Including the anticipated contribution from Onnec, CBRE expects its critical infrastructure services business to generate nearly $4.5 billion in total revenue in 2027. The projected performance underlines the increasing significance of digital infrastructure services within CBRE’s broader international property and facilities management operations. The acquisition also reflects a wider transformation taking place across the commercial property sector, where data centres have emerged as a major area of investment alongside more traditional asset classes such as offices, industrial and logistics facilities. Unlike conventional commercial buildings, data centres require highly specialised engineering systems, resilient power infrastructure, sophisticated cooling arrangements and extensive digital connectivity to maintain continuous operations. This complexity creates sustained demand for specialist engineering expertise, both during initial construction and throughout the operational life of the facility. For CBRE, bringing Onnec into its critical infrastructure division will provide additional technical resources and geographical coverage, particularly across European and Asia-Pacific markets where the company already serves major technology customers. The combination of Onnec’s established regional operations and CBRE’s existing US capabilities is expected to strengthen the group’s ability to support international clients operating across multiple data centre markets. The transaction remains subject to the necessary regulatory and other approvals, with completion anticipated around the end of 2026. If finalised, the acquisition will represent another significant step in CBRE’s expansion into specialist infrastructure services, positioning the business to capitalise on the continued growth of global data centre development and the increasingly sophisticated engineering requirements of the digital economy. Building, Design & Construction Magazine | The Choice of Industry Professionals