International property advisor Savills has acquired a majority stake in Theodor Schone, Hamburg’s oldest property management company, for an undisclosed sum. Theodor Schone, wwhich was established in 1921, will trade under the name Savills Immobilien Management Hamburg.
International property advisor Savills has acquired a majority stake in Theodor Schone, Hamburg’s oldest property management company, for an undisclosed sum. Theodor Schone, wwhich was established in 1921, will trade under the name Savills Immobilien Management Hamburg.
Savills said the acquisition fits into its German expansion strategy and follows the opening of an office in Hamburg in March. Former Theodor Schone shareholders Peter and Stephan Berger will continue to lead the 50-strong operation while Sidney Jachimowicz of Savills will remain the head of property management in Germany, as well as managing director in Hamburg. With the acquisition, Savills Germany will have 70 staff members managing more than 18,000 office, residential and retail units with a value of more than EUR 2 bn.
‘The German market is currently the strongest in Europe and this team will enable us to provide a better service to the significant number of international investors, including existing clients, who have acquired properties in Germany,’ Roy Frydling, head of Savills Germany, said in a statement.
Savills has recently acquired property management teams in Madrid, Paris and Berlin. Besides its Hamburg and Berlin offices, Savills also has operations in Frankfurt and Berlin.
