Savills has recruited the head of investment valuation at BNP Paribas Real Estate to create a new portfolio valuation department.
John Rhodes and his colleague Claire Magowan have joined Savills as joint heads of a new dedicated portfolio valuation department. Savills said that it planned to expand the division and would seek to recruit several more staff over the coming six months.
Mark Ridley, chairman of Savills Commercial, said: “Savills is set to build a portfolio valuation department in direct response to demand from our investment clients, in particular.
“We already advise portfolio clients and, with this dedicated service, we will position ourselves as a market leader in this field and aim to secure a significant book of business.”
Rhodes and Magowan, with a combined 50 years of experience in the sector, are tasked with building on Savills’ existing portfolio client base, which includes IVG, Goodman, Canary Wharf Group and Nottingham county council.
Rhodes said: “During the recent economic downturn, IPD market values fell by almost 50%. This has highlighted how vital regular valuations are in ensuring accuracy and transparency for pension fund and property company accounts, as well as determining pricing for PUTs and life companies.”
The agent’s existing valuation team specialises in bank advisory work, both for lending and workout. While the team has undertaken some portfolio work, the new department has been established to take on portfolio valuation as a specialist area of business.
BNP PRE confirmed the departures and said that Alistair Oates had been appointed in January to lead its valuation team, and that “he and the 70-strong team remain one of the market leaders”.
samantha.mcclary@estategazette.com
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