NEW YORK CITY — London-based real estate brokerage firm Savills has entered into an agreement to acquire global advisory firm and real estate investment bank firm Eastdil Secured for roughly $1.1 billion. The transaction is expected to close following the satisfaction of customary regulatory and closing conditions.
Under the terms of the agreement, Savills will purchase all of the equity of Eastdil, which has its U.S. headquarters in New York City. Originally founded in 1967 and acquired by Wells Fargo in 1999, Eastdil Realty merged with real estate investment banking firm Secured Capital Corp. in 2006, forming Eastdil Secured. In 2019, Temasek and Guggenheim Investments acquired Eastdil, with Wells Fargo retaining a minority ownership interest.
Eastdil Secured will continue to operate its existing business model within Savills Group, serving as the company’s global real estate investment bank and maintaining headquarters in New York City, Santa Monica, California, and London.
In connection with the acquisition, Eastdil has announced changes to its executive leadership, effective immediately. Roy March, CEO, has been appointed executive chairman. D. Michael Van Konynenburg has been appointed CEO, and James McCaffrey will now serve as president. Van Konynenburg and McCaffrey will also join the Savills Group executive board.
“We have worked with and respected Eastdil Secured for many years, and there is a strong complementary geographic and cultural alignment,” said Simon Shaw, group chief executive of Savills, in a statement. “This acquisition creates a compelling new partner of choice for the global investment community, pairing Eastdil Secured’s real estate investment banking globally with Savills’ broader advisory and on-the-ground capabilities, and will drive growth and deliver value for clients, our people and shareholders.”
Savills, which is listed on the London Stock Exchange, operates with more than 40,000 employees across more than 70 countries. Eastdil Secured has 20 offices globally.
— Hayden Spiess