Cubitt lands property brief

Cubitt Consulting has won a multi-agency shoot-out for the retained global financial communications brief of GE Real Estate.

FD was the incumbent agency and was understood to have taken part in the five- agency pitch process. Industry sources suggested the account was worth a significant six-figure sum.

Cubitt will manage financial media relations for the firm across Europe and the US, where partner Cubitt Jacobs & Prosek has an existing relationship with parts of the General Electric business.

GE Real Estate has 43 offices across 31 markets and owns around US$80bn of assets, around $22bn of which are in Europe.

The firm has recorded a 28 per cent compound annual growth rate since 1993, but this month warned it could lose as much as $3.6bn on property lending and equity under a 'worst case' scenario for the US economy.

Profit at GE Real Estate dropped by $1.1bn last year and the firm's original outlook for 2009 predicted a loss of $700m.

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