Savills has bought Spanish and Portuguese real estate advisory business Aguirre Newman for €67m (£59m).
The deal completed at the end of December and will see the business re-branded as Savills Aguirre Newman.
Its real estate investment and asset management business, Zaphir, will transfer into Savills Investment Management.
Savills said the acquisition will provide it with a market leading position in Spain.
Mark Ridley, chief executive officer Savills UK and Europe, said: “The acquisition of Aguirre Newman represents a very significant part of our continued growth across Europe.”
Aguirre Newman employs 400 staff and reported a €69m turnover in 2016. In Spain it has headquarters in Madrid with offices in Barcelona and Malaga, in addition to offices in Lisbon and Porto, Portugal.
Savills Aguirre Newman’s senior management team will be led by Aguirre Newman co-founder Santiago Aguirre as board chairman, with co-founder Stephen Newman and Rafael Merry del Val becoming joint chief executives and vice chairmen.
The team will include both Aguirre Newman and Savills Spain staff, with Savills currently employing 70 people in the country.
Main image: (L-R) Rafael Merry del Val (chief executive and vice-chairman of the board, Savills Aguirre Newman), Santiago Aguirre (chairman of the board, Savills Aguirre Newman), Jeremy Helsby (chief executive, Savills), Stephen Newman (chief executive and vice-chairman of the board, Savills Aguirre Newman), Mark Ridley (chief executive, Savills UK and Europe)
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