Savills acquisition of Aguirre Newman

Savills plc, one of the world’s leading real estate advisory firms, is pleased to announce the proposed acquisition of Aguirre Newman S.A. (“Aguirre Newman”), the leading Spanish independent real estate advisory business, for up to €67 million payable in instalments over five years from completion. The acquisition is scheduled to complete by 30^th November 2017 following satisfaction of customary regulatory and closing conditions.  

Aguirre Newman was founded by Santiago Aguirre and Stephen Newman in 1988. The business employs more than 400 staff and is headquartered in Madrid, with offices also in Barcelona, Malaga, Lisbon and Porto. The firm provides agency, investment, management, architectural, consultancy, valuation, planning, corporate finance and asset management services. Aguirre Newman has extensive experience in advising operators in the financial sector and mutual and international investment funds on real estate investment projects valued at more than €5 billion. Originally Savills associate in Spain during the late 1980s, the management teams have previously worked together and there are strong synergies between the two businesses.

The businesses of Aguirre Newman and Savills in Spain will be combined and will initially operate in Spain under the Savills Aguirre Newman brand. The principals of Aguirre Newman, Santiago Aguirre and Stephen Newman, and the Head of Savills Spain, Rafael Merry del Val, will be appointed to the Board of the combined businesses, with Santiago Aguirre becoming Chairman of the Board [“Presidente del Consejo”] and Stephen Newman and Rafael Merry del Val being appointed as joint Executive Vice Presidents [“Co-Vicepresidentes Ejecutivos”]. Senior management will draw on the strength of the existing Aguirre Newman and Savills Spain teams and include Jose Navarro, Javier Echeverria, Jaime Pascual-Sanchiz and Angel Serrano.  The Barcelona office will be led by CEO Anna Gener and Chairman Arturo Diaz.

The acquisition of Aguirre Newman, combined with Savills existing Spanish business employing 70 people in its Madrid and Barcelona offices, will provide the firm with a significant footprint in Spain from which it can continue to grow its business. It follows a strong performance that has positioned both brands as leaders in the Spanish real estate market with highly specialised teams. The acquisition also forms part of Savills strategy to build its business in key Continental European markets.

For the year ended 31 December 2016, the gross turnover of Aguirre Newman was €69 million.

Mark Ridley, Chief Executive Officer Savills UK & Europe, says:

"Aguirre Newman is the leading real estate consultancy in Spain. The combination of this highly regarded business with the strength of the existing Savills team will allow us to take a premier market position in Spain. It will also further boost our European platform for growth within this continent and across the globe. The Spanish real estate market and economy is one of the rising stars of Europe and this acquisition will benefit both Savills and our clients allowing them to capitalise on European and global cross border opportunities.”

Santiago Aguirre, President of Aguirre Newman, comments:

“This is a great opportunity for us to build on our strong position in the market and benefit from being part of one of the leading global brands in the industry. The collaborative skills and capabilities of both firms will allow us to better service our current and future clients. Savills existing team are well known to us and there are firm synergies and a similar work philosophy between our teams that will create a very strong new organisation and a leading force in the industry.”

Stephen Newman, President of Aguirre Newman, adds:  

“We are delighted that we will have a stronger platform to continue our international growth with a partner that shares our commitment to exceptional client service. It is important to us that our clients have the right access to international markets and through Savills excellent cross border teams, in particular in the investment arena, we will be able to achieve this.”

Rafael Merry del Val, head of Savills Spain, says:

“Now is absolutely the right time to take our business forward in a stronger market and more stable economy. Our experience and high specialisation in this market under a successful boutique model based on entrepreneurship, will perfectly combine with Aguirre Newman’s leading position and strength, creating an incredibly powerful brand that merges the best of both models. It is a very exciting project for everyone involved and a unique opportunity for the teams to lead the industry in Spain.”