1 February 2019 | Martin Read
Avison Young's acquisition of UK-based real estate advisory business GVA - announced originally last November - has been completed.
The process has resulted in the combined business expanding to comprise 5,000 professionals working in 120 offices across 20 countries. With immediate effect, the combined business is to be known solely as Avison Young.
In a statement, the company contends that it is now "the only privately held, principal-led, global, full-service commercial real estate services firm".
It further claims to now rank among the top five commercial real estate advisory businesses in the UK.
At the same time as announcing the completion of the GVA acquisition process, the company made public a number of appointments.
Jason Sibthorpe becomes principal and president, while GVA chief executive Gerry Hughes has become principal and managing director UK as well as managing director, global consultancy. Andy Mottram becomes principal and managing director, Europe.
GVA's portfolio comprises national and international clients including UK public institutions, multinational corporations, major space users, developers, owners, lenders and investors.
Its real estate life cycle services include planning and development, project management and building consultancy, transactions, property management services, valuation and business rates.
In a statement, Hughes was bullish about the business's future.
"The opportunities for our combined platform are vast, and I see one of the biggest growth areas stemming from the increasing trend for clients to seek strategic multi-consultancy real estate advice, which demands market intelligence, expertise and connections. The ability to provide such advice on a global scale is extraordinary."
The original GVA business came about as a result of the merger of Grimley & Son and JR Eve in 1988.