International real estate advisory firm Savills has acquired independent Spanish advisory business Aguirre Newman for around €67 mln.
'Aguirre Newman is the leading real estate consultancy in Spain. The combination of this highly regarded business with the strength of the existing Savills team will allow us to take a premier market position in Spain,' commented Mark Ridley, CEO Savills UK & Europe.
'It will also further boost our European platform for growth within this continent and across the globe. The Spanish real estate market and economy is one of the rising stars of Europe and this acquisition will benefit both Savills and our clients, allowing them to capitalise on European and global cross-border opportunities.'
The deal follows Savills recent acquisition of Italian peer Larry Smith Italia, which Savills' Larry Brennan, head of European retail agency, said would give its Italian operations 'a leading position in the market'.
Aguirre Newman was founded by Santiago Aguirre and Stephen Newman in 1988. The business employs more than 400 staff and is headquartered in Madrid, with offices also in Barcelona, Malaga, Lisbon and Porto. Its turnover last year was €69 mln. During the 1980s, the firm was Savills' associate in Spain.
The businesses of Aguirre Newman and Savills in Spain will be combined and will initially operate in Spain under the Savills Aguirre Newman brand. The principals of Aguirre Newman, Santiago Aguirre and Stephen Newman, and the head of Savills Spain, Rafael Merry del Val, will be appointed to the board of the combined businesses, with Aguirre becoming chairman and Newman and Merry del Val being appointed as joint executive vice presidents.
'This is a great opportunity for us to build on our strong position in the market and benefit from being part of one of the leading global brands in the industry,' commented Aguirre. 'The collaborative skills and capabilities of both firms will allow us to better service our current and future clients. Savills' existing team are well known to us and there are firm synergies and a similar work philosophy between our teams that will create a very strong new organisation and a leading force in the industry.'
The acquisition is scheduled to complete by 30 November 2017 following customary regulatory and closing conditions.
