Savills has acquired real estate investment bank Eastdil Secured in a blockbuster £827m ($1.1bn) deal.
Simon Shaw, Savills group chief executive
The deal will expand Savills’ advisory services, capital markets and transaction-related offerings and position the company as a “global leader” in real estate advisory services, Savills said.
Eastdil Realty was founded in 1967 and acquired by Wells Fargo in 1999. In 2019, Eastdil Secured’s management bought back the company from Wells Fargo with backing from Guggenheim Investments and Temasek.
Eastdil Secured has HQ offices in New York, Santa Monica and London and a broad global footprint to support clients, with a total of 20 offices.
“Eastdil Secured is an organisation we have worked with and admired for many years,” said Savills group chief executive Simon Shaw. “It has a complementary geographical footprint and similar culture to our own.
“This acquisition is a significant step forward for both of us, bringing to the global investment community a much-needed choice of leading advisory partner to deliver a comprehensive suite of investment banking, strategic, financial, development, leasing and other ‘boots on the ground’ property solutions.
“By acquiring a leading REIB [real estate investment banking] provider, the improved breadth of our services and enhanced global footprint will create significant growth opportunities for the combined group’s staff and significant value to our clients and shareholders alike”.
Roy H. March, executive chairman of Eastdil Secured, added: “As part of Savills, Eastdil Secured will continue to serve as a trusted adviser and provide clients with unmatched capital markets and commercial real estate expertise, now with more resources as part of a larger organisation with complementary geographic reach and advisory capabilities.
“The Savills team shares our commitment to excellence and our emphasis on discretion, collaboration and insight-driven execution.”
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