Savills purchased Knight Frank’s commercial asset management business

Savills purchased Knight Frank’s commercial asset management business

Both consultants have actually already concluded the deal, but the last signatures are still missing to finalise the operation, according to what sources revealed to El Confidencial.

With this purchase, Savills continues to grow in Spain, its second most important market behind the United Kingdom since the company purchased Aguirre Newman three years ago, for around 67 million euro. Following the integration of this division, the firm will compete at the same level as CBRE and Cushman & Wakefield.

Change of strategy at KF

On the other hand, consultant Knight Frank is plunged into a strategic change, based on transforming its business into housing and logistic development. Nevertheless, the company is working on creating three new divisions: hotels, build to rent development and data centres.

So, even if the operation with Savills were to represent the loss of 40 workers in Spain, the new plan conceived by the consultant within these new areas would include the incorporation of those same 40 workers over three years.

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