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You are here: Home / Markets / Property firm Avison Young buys U.K.’s GVA in biggest deal yet

Property firm Avison Young buys U.K.’s GVA in biggest deal yet

November 9, 2018 thestar Leave a Comment

By Natalie Wong Bloomberg Fri., Nov. 9, 2018 Avison Young Canada Inc. has agreed to buy London-based GVA in its biggest deal yet as the commercial property brokerage forges ahead with a global expansion. Toronto-based Avison Young will combine GVA’s operations with its existing U.K. business, adding 1,500 employees in 15 offices in the U.K, Ireland and Poland to its 2,700 employees, the closely held companies said in a statement Thursday. GVA offers real estate services including strategy, planning and management. It’s a unit of Apleona Ltd., which is owned by private equity firm EQT Partners AB. Financial terms weren’t disclosed. “The size and the quality of the individuals from this deal gives us a huge boost to continue our expansion after this,” Avison Young CEO Mark Rose said in a phone interview. “We are not done — this gives us grand elevation, platform growth, greater entry into Europe and the platform to expand.” The acquisition will boost Avison Young’s revenues to C$1 billion, Rose said. In July, Rose said revenues were about C$650 million. Avison Young received a C$250 million investment from Canadian pension fund Caisse de depot et placement du Quebec in July and set about expanding its reach around the world. It acquired Wilkinson Williams LLP of the U.K. shortly thereafter and opened a new office in London’s West end. Article Continued Below The transaction is expected to close in the first quarter of next year subject to closing conditions. The acquisition will be funded through a… [Read full story]




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