Savills has agreed to buy Aguirre Newman, the independent Spanish property agency, for around €67m (£60m), payable in instalments over five years from completion.
Following the acquisition, scheduled to complete by 30 November, the businesses in Spain will merge and initially operate under the Savills Aguirre Newman brand.
Aguirre Newman was founded by Santiago Aguirre and Stephen Newman in 1988. The business employs more than 400 staff and its headquarters is based in Madrid. There are also offices in Barcelona, Malaga, Lisbon and Porto.
Aguirre and Newman, along with the head of Savills Spain, Rafael Merry del Val, will be appointed to the board of the combined businesses.
Aguirre will become chairman, while Newman and Merry del Val will be appointed joint executive vice presidents.
Savills said the acquisition, combined with its existing Spanish business, which employs 70 people in its Madrid and Barcelona offices, would provide the firm with a significant footprint in Spain.
The purchase also forms part of its strategy to build its business in key European markets.
For the year ended 31 December 2016, Aguirre Newman’s gross turnover was €69m (£61.8m).
Mark Ridley, chief executive officer Savills UK & Europe, said: “Aguirre Newman is the leading real estate consultancy in Spain.
“The combination of this highly regarded business with the strength of the existing Savills team will allow us to take a premier market position in Spain.
“It will also further boost our European platform for growth within this continent and across the globe.
“The Spanish real estate market and economy is one of the rising stars of Europe and this acquisition will benefit both Savills and our clients, allowing them to capitalise on European and global cross-border opportunities.”
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