Avison Young completes GVA takeover to enter UK’s top five property firms

L-R Avison Young principals: Gerry Hughes,  Jason Sibthorpe, Mark Rose, and Andy Mottram
L-R Avison Young principals: Gerry Hughes, Jason Sibthorpe, Mark Rose, and Andy Mottram
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Canadian commercial real estate company Avison Young has completed its takeover of global property firm GVA.

The deal, which was agreed in November, means Avison Young is now among the top five commercial real estate advisory businesses in the UK, with the two combining under the one unified brand.

GVA employs 1,500 staff across 15 offices in the UK, Ireland and Poland, including 55 in Leeds. The combined Avison Young operations now have 18 offices and 1,600 employees in the UK alone.

Terms of the acquisition were not disclosed.

As a result of the merger, Avison Young increases its revenue to 25 times its 2008 level to approximately C$1bn (£760m).

Claire Paraskeva, principal in the Leeds office of Avison Young, said: “It was vital that GVA merged with a partner with parallel client values and staff culture.

“At Avison Young, we will continue to have a passion for growth and progression, that will benefit both our employees and the service offering that we provide to our valued clients.

“The global and investment platform that Avison Young provides means that we can galvanise our team here in Leeds and add to our regional strength.

“We are now reviewing potential acquisitions to bolster our service offering and are listening to our clients to formulate our strategy going forward.

“It truly is an exciting time in our history.”

The deal also includes GVA Worldwide - an organisation of licensed affiliate commercial real estate advisory companies with offices in 20 countries.