AVISON YOUNG ACQUIRES LIVERPOOL MIPIM PARTNER GVA
Avison Young, the world’s fastest-growing, private and Principal-owned, global commercial real estate services firm, announced today that it has closed the acquisition of UK-based GVA, of the UK’s leading real estate advisory businesses.
Effective immediately, the two companies will combine under one unified brand: Avison Young.
The acquisition establishes Avison Young as the only privately held, Principal-led, global, full-service commercial real estate services firm. The combination also establishes Avison Young among the top five commercial real estate advisory businesses in the UK.
To further promote the firm’s culture of partnership, Avison Young also announced today the post-acquisition leadership team: Avison Young Principal and U.K Managing Director Jason Sibthorpe becomes Principal and President, UK; GVA CEO Gerry Hughes becomes Principal and Managing Director, UK and Managing Director, Global Consultancy; and GVA Chair Andy Mottram becomes Principal and Managing Director, Europe.
As a result of the transaction, Avison Young now has approximately 5,000 real estate professionals in 120 offices in 20 countries. Mark E. Rose, Chair and CEO of Avison Young said:
“This acquisition represents another milestone in our global expansion strategy, and the combination will better position Avison Young to serve our clients across the world”
“Furthermore, the acquisition establishes Avison Young as the global, disruptive challenger brand. We are now 5,000 strong, having nearly doubled our size and ability to provide clients with whatever they need, wherever in the world they need it. In GVA, Avison Young has added a like-minded UK real estate leader – a company that brings a partnership culture formed during more than 200 years in business.”
Rose continues: “The acquisition increases our scale and presence, expands our global talent pool and reach, and enhances the breadth and balance of our services. Most importantly, the combination increases the resources that we can invest in innovation to keep our clients ahead of the curve.”
Terms of the acquisition were not disclosed. As a result of the merger, Avison Young increases its revenue to 25 times its 2008 level to approximately C$1 billion.
Stephen Cowperthwaite, Principal and Managing Director Liverpool, said:
“This is an exciting time for our business. The acquisition means that we can continue to provide a full range of commercial property advice in the Liverpool City Region but, importantly, as a city dominated by its waterfront and by trade, it provides us with greater global access and massively extends our reach.
“A number of our clients are keen to talk to international investors and Liverpool is continuing to engage with investors that want to do business in the city region. We now have additional resources and capability to spread the net internationally and advise our clients, the city and the region on a global platform.”
GVA brings to Avison Young a broad portfolio of national and international clients, including UK public institutions, multinational corporations, major space users, developers, owners, lenders and investors.