Avison Young acquires real estate advisory business GVA

GVA’s offices, including those in Glasgow and Edinburgh, will now come under the Avison Young brand.

Avison Young provides investment sales, leasing, advisory, management and financing services to clients across the office, retail, industrial, multi-family and hospitality sectors.

Following the acquisition, Avison Young’s principal and UK managing director Jason Sibthorpe becomes principal and UK president; GVA CEO Gerry Hughes becomes principal and UK managing director for global consultancy; and GVA chair Andy Mottram becomes principal and managing director for Europe.

Mark E. Rose, chair and CEO of Avison Young, said: “This acquisition represents another milestone in our global expansion strategy, and the combination will better position Avison Young to serve our clients across the world.

“Furthermore, the acquisition establishes Avison Young as the global, disruptive challenger brand. We are now 5,000 strong, having nearly doubled our size and ability to provide clients with whatever they need, wherever in the world they need it. In GVA, Avison Young has added a like-minded UK real estate leader – a company that brings a partnership culture formed during more than 200 years in business.”

“The acquisition increases our scale and presence, expands our global talent pool and reach, and enhances the breadth and balance of our services. Most importantly, the combination increases the resources that we can invest in innovation to keep our clients ahead of the curve.”

The scale and depth of GVA’s offering is evidenced by the firm’s services organised around a client’s lifecycle of real estate: planning and development; project management and building consultancy; transactions; property management services; valuation and business rates.

Stuart Agnew, principal and managing director of Avison Young in Edinburgh, said: “There is a lot to be positive about in the current Scottish real-estate market with strong occupational and investor demand. GVA joining forces with Avison Young provides an opportunity to build on this by creating a forward-looking company that meets the needs of clients across the country and beyond.”

In connection with the transaction, Avison Young has optimised its capital structure through a recapitalisation. The acquisition and the refinancing have been funded through a combination of cash on hand, committed financing from Credit Suisse, CIBC and BofA Merrill Lynch, and additional common equity, including participation by Caisse de dépôt et placement du Québec (CDPQ).

Also in conjunction with the transaction, GVA senior directors who will become Avison Young principals, as well as certain other GVA employees, will receive Avison Young shares.