REAL ESTATE – Property services company Savills has launched a cross border European valuation team to be based at its London offices.

William Newsom, head of valuation, told IPE that the new team, for which he recruited new directors Colliers CRE’s Nick Harris and DTZ’s Chris Millington, started operating last month from the company’s London-based valuation department.

The third director of the new team is Savill’s existing director, Simon Orr, who has transferred form the company’s Paris office.

Commenting on the move, Newsom explained that following requests from UK and Irish based clients interested in Europe, Savills decided to set up the new operation.

"Over the past 12 months Savills has advised a wide range of lending institutions, property companies and private individuals on various loan security valuations," said Newsome.

He added: "To date, the majority of our instructions have focused on Germany, although we have also been involved in projects in Portugal, Switzerland and the Czech Republic."

The new team will take this business forward into mainland Europe, the firm said in a statement.

Elsewhere, Milan Khatri has been appointed as chief economist at investment management and property service business Arlington Securities.

Khatri, previously chief economist at the Royal Institution of Chartered Surveyors (RICS), will be responsible for property market forecasting and will lead on global economy analysis.