Savills has acquired niche central London agency Gresham Down Capital Partners in a move to increase its market share in the capital.
The £4m deal was signed at the end of December.
Gresham Down managing partner Stephen Down, who previously worked at Savills, CBRE and DTZ, will now head the central London investment team. Joining him in the transfer are partners Robert Buchele, Richard Bullock, Daniel Hesketh and Simon Ewart-Perks.
They will be split across Savills’ City and West End offices later this month, with some moving to its new premises at 33 Margaret Street, W1, early next year.
At the end of December, Savills signed a 64,000 sq ft prelet at Great Portland Estates’ redevelopment of Marcol House, north of Oxford Street – the latest firm to move from the traditional agency heartland of Mayfair.
Savills chairman Mark Ridley said of the Gresham Down deal: “We have taken significant steps to boost our central London presence and this acquisition marks a further movement towards a greater market share.”
Gresham Down’s clients include Delancey and UBS, and the firm has recorded transactions totalling £2bn since 2010.
Other agents have forecast further consolidation in the industry, particularly of West End and City firms. Alistair Elliott, head of Knight Frank’s commercial division, said: “A number of agents will be looking to get a bigger market share in an oversubscribed market. An aggressive M&A strategy is not in our business plan as we want organic growth, but I think this year will see many others looking for purchases.”
