LONDON, 5-6-2014 — /EuropaWire/ — International real estate advisor Savills has today, 02 June 2014, confirmed the completion of its acquisition of 100% of Studley, Inc. the leading US independent commercial real estate services firm specialising in tenant representation.
Savills also announces that on 29 May 2014, Studley Inc. agreed to sell its 49.06% interest in AOS Partners Holdings SAS (“AOS Studley”), the French EMEA-focussed project management business, to the founding shareholder of AOS Studley. This follows the announcement on 1 May that the AOS Studley interest would be held as an asset for sale. The sale, which is subject to customary conditions, is due to complete this summer.
The consideration payable by Savills for Studley Inc. is up to US$260 million (up to US$246 million net of the proceeds, which will be retained by Savills, from the agreed sale of Studley Inc’s 49.06% interest in AOS Studley), which will be satisfied through a combination of cash, new Savills shares and promissory notes.
The newly combined US business will be re-branded Savills Studley.
Jeremy Helsby, CEO of Savills Plc, comments: “We are delighted to complete this acquisition of Studley and are looking forward to growing the combined business in the US. This deal brings the top US tenant representation brokerage brand into the Savills Group and complements our existing leading positions in the European and Asian markets. We are now well placed to provide exceptional service to clients in the world’s key locations.”
Mitchell S. Steir, Chairman and CEO of Savills Studley, adds: “This represents a significant step for both firms and our clients. As we join forces with the team at Savills, we are thrilled that we will have a stronger platform to continue our growth with a partner that shares our commitment to superior client service.”
Studley’s top 500 U.S. clients have over 9,000 locations within Savills current markets outside of the US, highlighting the tremendous business opportunities for both firms.
Visit the Savills Studley websiteOn 2 June, Savills has confirmed the completion of its acquisition of 100% of Studley, Inc. the leading US independent commercial real estate services firm specialising in tenant representation. The newly combined US business will be re-branded Savills Studley.
Plc Central Management
Savills Margaret Street
+44 (0) 20 7409 8947
Mitchell S. Steir
Savills Studley – New York
+1 212 326 1096