Savills acquires global real estate investment bank
Savills has signed an agreement to acquire Eastdil Secured LLC, a US-based global real estate investment bank, for an enterprise value of $1.11bn (c. £830m).
The real estate advisory firm said the transaction significantly enhances its positioning in capital markets advisory through the acquisition of a leader in real estate investment banking.
Eastdil Realty was founded in 1967 by Benjamin V. Lambert in New York and over time the firm expanded globally before being acquired by Wells Fargo in 1999. In 2006, Eastdil Realty and Secured Capital Corp merged to create Eastdil Secured. In 2019, the firm’s management team led a recapitalisation in partnership with Guggenheim, Temasek, and Wells Fargo.
Eastdil Secured is jointly led out of New York, Santa Monica, and London and has a global footprint of 20 offices, including across the United States and internationally in Dubai, Dublin, Frankfurt, Milan, Paris, and Hong Kong.
Savills said that Eastdil Secured’s real estate investment banking business is highly complementary to its broader real estate services offering, with the combined group becoming the number two advisory firm globally for prime commercial real estate transactions above $100m (£74.6m), according to MSCI data 2021-2025.
Eastdil Secured will continue to operate its existing business model within Savills Group, as the group’s Real Estate Investment Bank from completion of the deal, maintaining its key headquarters in New York, Santa Monica, and London.
Simon Shaw, group chief executive of Savills, said: “Eastdil Secured is an organisation we have worked with and admired for many years. It has a complementary geographical footprint and similar culture to our own. This acquisition is a significant step forward for both of us, bringing to the global investment community a much-needed choice of leading advisory partner to deliver a comprehensive suite of investment banking, strategic, financial, development, leasing and other “boots on the ground” property solutions. By acquiring a leading REIB provider, the improved breadth of our services and enhanced global footprint will create significant growth opportunities for the combined Group’s staff and significant value to our clients and shareholders alike”.
Roy H. March, executive chairman of Eastdil Secured, added: “Throughout its history Eastdil Secured has developed strategic partnerships to better serve our clients and be the most relevant and trusted advisor in the real estate investment banking industry. This transaction marks the beginning of a new chapter for Eastdil Secured, which will accelerate our growth, create opportunities for our team, and significantly enhance our ability to provide best-in-class real estate investment banking services for our valued clients globally. As part of Savills, Eastdil Secured will continue to serve as a trusted advisor and provide clients with unmatched capital markets and commercial real estate expertise, now with more resources as part of a larger organization with complementary geographic reach and advisory capabilities. The Savills team shares our commitment to excellence and our emphasis on discretion, collaboration, and insight-driven execution. We look forward to continuing to grow and deliver for our partners as part of this industry-leading global platform”.