Canada’s Avison Young acquires UK-headquartered GVA to create $1bn-turnover real estate business
Real estate advisory firm GVA has been acquired by Canadian property services business Avison Young.
Announced this morning (February 1), the deal will see both companies join forces under the Avison Young brand.
It puts the Toronto-headquartered firm among the top five commercial real estate advisory businesses in the UK, with teams in London, Birmingham, Cardiff, Edinburgh, Leeds, Liverpool, Manchester, Newcastle and other major cities.
Also joining the Avison Young network are GVA offices in France, Spain, Italy, China, Russia, the UAE and elsewhere overseas.
Following the acquisition, the company employs around 5,000 real estate professionals across 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.”
He added: “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.”
Speaking further, Mr Rose said the transaction “increases our scale and presence, expands our global talent pool and reach, and enhances the breadth and balance of our services.”
The terms of the deal remain undisclosed. It has increased Avison Young’s revenues to around $1bn – 25 times its level in 2008.
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