Last checked at 3 Jun 2016 07:00
3 June 2016
Savills makes investment in online hybrid estate agent
Savills plc ("Savills"), the international real estate advisory firm, is pleased to announce that its proprietary investment subsidiary, Grosvenor Hill Ventures, has acquired a minority stake in YOPA Property Limited ("YOPA") by participating in YOPA's £16m equity fundraising to finance the roll out of its online hybrid estate agency in the high volume segment of the UK market.
YOPA was founded in 2014 and has since developed its technology-led business model, which was launched in hybrid form in January 2016. It comprises digital technology to link the activities of sellers, buyers and YOPA's own franchised local property agents, who are further supported by a dedicated customer service centre.
YOPA will continue to operate independently, under its existing brand.
Jeremy Helsby, Group Chief Executive of Savills, said:
"We have followed the rapid advance of the online 'hybrid' estate agency model over the last year. 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 1 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."
For further information please contact:
Simon Shaw, Group Chief Financial Officer, Tel: +44 (0) 20 7499 8644
Director, Grosvenor Hill Ventures
Tulchan Communications Tel: +44 (0) 20 7353 4200
Peter Hewer