New global agency created

Property adviser GVA acquired by Avison Young

Keith Aitken GVAAvison Young has acquired property advice agency GVA in a deal expected to close early next year and thought to be worth close to £250 million.

GVA, a multi-disciplinary business spanning the property life cycle from strategy and planning through to delivery and management, has been subject to bid interest for months. It is understood that Cushman & Wakefield also lodged a bid.

The firm has 1,500 employees in 15 offices in the UK, Ireland and Poland. It has about 100 staff in Edinburgh and Glasgow.

GVA is a founding member and majority shareholder of GVA Worldwide, an international organisation of licensed affiliate commercial real estate companies with offices across 25 countries. EQT owns Apleona, the portfolio company which owns GVA.

Keith Aitken (pictured), regional senior director for GVA in Scotland, said: “We could not have asked for a better outcome for the GVA business, our clients and our staff.

“We now enter a new era as a key component of a global real estate advisory platform, which will allow us to further flourish and better serve global clients. We look forward to joining the Avison Young partnership and continuing to provide excellent real estate advisory services to our clients in Scotland and further afield.”

Avison Young has 2,700 real estate professionals in 85 offices in Canada, the US, Mexico, UK, Germany, Romania and Korea. 

Mark E Rose, the company’s chairman and CEO, said: “This is a transformational event that underpins our ambition and intent to significantly expand our footprint in Europe and beyond.

“Avison Young’s UK business will now be a genuine challenger brand firmly established among the top commercial real estate advisors in the UK, North America and the world.

“This acquisition adds gravitas, weight, coverage and profile to our international operations as we continue to solidify our global platform while preserving our culture as a principal-led company.

Avison Young and GVA have complementary businesses in the UK, and this combination of expertise and talent will better equip us to serve global clients.”


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