CB Richard Ellis has launched a share buyback programme of up to $500m (£239m).

‘The shares may be repurchased from time to time at management’s discretion at prevailing market prices through open-market or privately negotiated transactions,’ CBRE said in a statement to the New York Stock Exchange.

‘The company’s management will determine the timing and amount of any repurchases based on their evaluation of market conditions, share price and other factors. The share repurchase program may be suspended or discontinued at any time.’

The buyback programme comes after a 22% plunge in CBRE’s shares over the last week from $26.74 to $20.77.

The plunge came after CBRE reported its third-quarter results, which showed that net profit was $130.2m (£63m), or $0.55 a share, slightly below analysts’ forecasts of $0.57 a share.

The third quarter profits of $114.9m (£55.6m), though, were up 23% on the year before, with revenue up 54% to $1.5bn (£727m).

In Europe, CBRE turned in a strong performance, with third quarter revenue for this region, the Middle East and Africa up 49.5% to $320m (£155m) and net profit doubled to $52m (£25m). This was driven by growth in UK, France, Spain and Germany.