UK-based Savills Plc has done a deal to acquire the Spanish real estate consultancy Aguirre Newman for a reported €67 million.
Founded in 1988 in Madrid by Santiago Aguirre and Stephen Newman, Aguirre Newman is one of Spain’s biggest local players in the real estate sector, with 400 staff and offices in Madrid, Barcelona, Málaga, and two office in Portugal. Aguirre Newman offer a full range of real estate consultancy services, as well as brokerage.
Savill and Aguirre Newman have collaborated on different projects since almost Aguirre Newman were founded, so the companies are familiar. There are reported to be strong synergies between the two companies.
Savills already have a presence in Spain with offices in Barcelona and Madrid, and 70 members of staff. This acquisition suggests Savills is optimistic about the Spanish real estate market, and the new company will operate initially under the name of Savills Aguirre Newman.
“The Spanish property market and the Spanish economy are two of Europe’s rising stars, and this acquisition will benefit both Savills and our clients, allowing us to take advantage of cross-border opportunities,” says Mark Ridley, CEO of Savills UK & Europe, quoted in the Spanish press.