Fast-growing Canadian firm buys UK broker
Avison Young, which earlier this year bought out-of-town specialist Wilkinson Williams, has now followed up with a deal to buy general practice property advisor GVA for a reported £200m.
Swedish private equity firm EQT had put GVA up for sale after demerging it from its Apleona property services business. GVA has 1,500 employees in 15 offices in the UK, Ireland and Poland while Avison Young currently has 2,700 real estate professionals in 85 offices in Canada, the US, Mexico, the UK, Germany, Romania and Korea.
Avison Young’s growth spurt has been kickstarted by a new equity injection from Canada’s largest pension fund, Caisse de depots et consignations du Quebec.
Jason Sibthorpe, Avison Young principal and UK managing director, said: “Our focus is always client-centric and our enlarged platform will complement our existing offerings, giving our clients total coverage across the real estate advisory landscape. We intend to continue to invest, and we see great opportunity for further growth in all areas, particularly in the transactional space.”
The acquisition is due to complete in the first quarter of 2019.