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More consolidation on horizon

Property agent CBRE linked to bid for GVA

BilfingerCBRE is said to be in talks with Bilfinger to buy GVA and other assets as consolidation in the property market gathers pace.

The companies are in “early-stage” discussions involving  executives at parent group Bilfinger in Mannheim, Germany, according to trade sources.

Bilfinger GVA is thought to be worth up to £175 million following the German firm’s acquisition of GVA for about £150m two years ago.

Offers are said to have been made for parts of the business which includes GVA. US private equity firm KKR is understood to be among those looking at the business.

Bilfinger’s new executive board chairman Per Utnegaard recently stated that the company intended to “expand its position as a strong real estate services provider” and that the buildings and facilities division, which is thought to be the target of potential buyers, was a core division.

A move by CBRE would be the latest in a number of deals following  Colliers International buying Hatton Real Estate, Avison Young acquiring North Rae Sanders and the acquisition this week of Smith Young Real Estate by Montagu Evans.

Trade sources say a number of companies, including CBRE and JLL, are considering a bid for Strutt & Parker.

The trade publication Property Week has reported that JLL and Savills held merger talks late last year and that Countrywide, which owns Lambert Smith Hampton, approached Deloitte Real Estate about a possible takeover before Christmas.

 

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