Last checked at 28 Jul 2017 12:20
SAVILLS ACQUISITION OF AGUIRRE NEWMAN
Further building the scale of Savills European real estate services business
Savills plc, one of the world's leading real estate advisory firms, announces the proposed acquisition of Aguirre Newman S.A. ("Aguirre Newman"), the leading Spanish independent real estate advisory business, for up to €67 million payable in instalments over five years from completion. The acquisition is scheduled to complete by 30th November 2017 following satisfaction of customary regulatory and closing conditions.
Aguirre Newman was founded in 1988. The business employs more than 400 staff and is headquartered in Madrid, with offices in Barcelona, Malaga, Lisbon and Porto (Portugal). The firm provides agency, investment, management, architectural, consultancy, valuation, planning, corporate finance and asset management services.
The businesses of Aguirre Newman and Savills in Spain will be integrated with Savills existing Spanish business employing 70 people in offices in Madrid and Barcelona, 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.
Commenting on the acquisition, Jeremy Helsby, Savills CEO, said: "The acquisition of Aguirre Newman combined with our existing Spanish business provides us with a significant footprint in Spain, a market where we see exciting long term growth opportunities. It follows Savills strategy to develop multi-service offerings and expand our presence in key Continental European markets."
For the year ended 31 December 2016, the gross turnover of the continuing operations of Aguirre Newman was €69 million.
The purchase consideration will be funded from Savills cash and existing banking facilities. On completion, Savills will pay €42 million. Deferred consideration of up to €5 million is payable on each anniversary of completion for the next five years totalling €25 million.
For further information please contact:
Savills
Jeremy Helsby, Chief Executive Officer, Tel: +44 20 7409 8934
Simon Shaw, Chief Financial Officer
Tulchan Communications Tel: +44 20 7353 4200
Peter Hewer