GLOBAL - Savills has expanded internationally through the acquisition of a Stockholm-based real estate management firm and the opening of new offices in the US.
The international real estate adviser has bought Stadsmuren, which manages direct property in Sweden on behalf of a number of owners, including Vasakronan, the company owned by Sweden's national buffer funds.
Stadsmuren was established in 1993 and manages 300,000 square metres of commercial properties and 4,000 apartments in and around Stockholm.
It was founded by directors Lars Backman and Thomas Pettersson, who will continue to lead the 30-strong team, which will move to Savills' Stockholm offices.
They will continue to service clients including Vasakronan, AFA, IF Metall, Svensk Handel and the City of Stockholm, while also forming a close link with Savills' pan-European real estate management network.
Ulf Nilsson, chief executive at Savills Sweden, said: "Sweden is back on the map with a 95% increase in investment turnover and 135% rise in foreign investor activity in the past year.
"Our new team will assist these existing and new landlords with a leading property management service."
Savills has also opened two new offices in the US - in Los Angeles, California, and Washington DC.
Robert Stamm will head the West Coast office in Los Angeles, joined by director Brandon McMenomy, while Joel Coren will head the team in Washington DC.
The trio, who join Savills from CBRE's Global Property Advisors team, will work across the company's office network to enhance its cross-border business and range of client services in North America.
John Lyons, chief executive at Savills US, said: "The erosion of the US dollar against major foreign currencies has priced US real estate as comparatively inexpensive when compared with other countries, and as the dollar strengthens, the return will be higher for offshore investors who choose to sell assets and repatriate capital."
