Savills takes stake of hybrid estate agency YOPA

(ShareCast News) - International real estate advisory firm Savills announced a fresh investment on Friday, confirming that is proprietary investment subsidiary Grosvenor Hill Ventures has taken a minority stake in YOPA Property, by participating in its £16m equity fundraising.The FTSE 250 firm said YOPA's fundraising was to fund the rollout of its "online hybrid estate agency" in the high-volume segment of the UK market.It said YOPA was founded in 2014 and has since developed its technology-led business model, which was launched in hybrid form in January 2016.The company's operations use digital technology to link the activities of sellers, buyers and YOPA's own franchised local property agents, supported by a dedicated customer service centre.Savills confirmed YOPA will continue to operate independently, under its existing brand."We have followed the rapid advance of the online 'hybrid' estate agency model over the last year," said Savills Group chief executive Jeremy Helsby."This investment broadens the Group's access to the UK residential sector by enabling us to take an interest in the high volume segment of the market, comprising over one million transactions annually, to which Savills has had little exposure to date."We have been consistently impressed by YOPA, whose technological edge, dedication to transparency and focus on the client at the heart of the sales process all resonate strongly with our core values and the way we do business," Helsby explained.