Savills completes acquisition of Aguirre Newman

International real estate advisor Savills confirmed the completion of its acquisition of 100% of Aguirre Newman S.A. (“Aguirre Newman”), the leading independent Spanish and Portuguese real estate advisory, business on 29 December 2017. The purchase price of €67 million is payable in instalments over five years from completion.

Savills announces today, 8 January 2018, that the newly combined business located in Spain and Portugal will be re-branded Savills Aguirre Newman. Aguirre Newman’s real estate investment and asset management business Zaphir, will transfer into Savills Investment Management (SIM).

Savills Aguirre Newman’s senior management team in Spain will comprise Santiago Aguirre who will become Chairman of the Board and Stephen Newman and Rafael Merry del Val who are appointed as CEO and Joint Vice Chairmen. Senior management will draw on the strength of the existing Aguirre Newman and Savills Spain teams and include Borja Sierra as Executive Vice President International, Jose Navarro and Jaime Pascual-Sanchiz as Managing Directors, Javier Echeverria as Chief Operating Officer, and Angel Serrano as Business Managing Director and Director of Architecture for Southern Europe. The Barcelona office will be led by Anna Gener as Chairman and CEO and Arturo Diaz as Chairman. Paulo Silva will take on the role of Head of Portugal.

Mark Ridley, Chief Executive Officer Savills UK & Europe, says:
“The acquisition of Aguirre Newman represents a very significant part of our continued growth across Europe. The combined business will take a market leading position across all sectors in Spain, linking in with the other countries across our global network. Our service offering to clients will be boosted as we capitalise on opportunities in Spain and cross border activity.”

Santiago Aguirre, Chairman of the Board, Savills Aguirre Newman, comments:
“Over the last 30 years we have become a leading company in the real estate sector in Spain and Portugal, supported by our solid commitment to talent, innovation and the application of ethical values, all things that we share with Savills. We believe firmly in the professional quality of our team, always putting the interest of our clients first and establishing with them relationships of trust, based on dedication and long-term vision.”

Stephen Newman, CEO and Vice- Chairman of the Board, Savills Aguirre Newman, adds:
“From this exciting merger Savills Aguirre Newman is well placed to become the consultant of choice for all real estate advice within the markets we cover. We will continue to provide the best advice for the real estate needs of our clients, generating further added value for them.”

Rafael Merry del Val, CEO and Vice-Chairman of the Board, Savills Aguirre Newman, says:
“We begin a very exciting new stage in which we will be stronger together, combining the power of Aguirre Newman and the entrepreneurial spirit of Savills into a very powerful new brand. Savills Aguirre Newman brings together a unique combination of experience, people and market knowledge both nationally and across our pan-European platform.”

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. For the year ended 31 December 2016, the gross turnover of Aguirre Newman was €69 million. 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 a 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 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 market leading position in Spain and Portugal, from which it can continue to grow its business. The acquisition also forms part of Savills continuing strategy to grow its business in key European markets.