Canada's Avison Young buys UK's GVA

Toronto

AVISON Young Canada has agreed to buy London-based GVA in its biggest deal yet as the commercial property brokerage forges ahead with a global expansion.

Toronto-based Avison Young will combine GVA's operations with its existing UK business, adding 1,500 employees in 15 offices in the UK, Ireland and Poland to its 2,700 employees, the closely held companies said in a statement.

GVA offers real estate services including strategy, planning and management. It is a unit of Apleona, which is owned by private equity firm EQT Partners. The deal's financial terms were not disclosed.

Avison Young CEO Mark Rose said: "We are not done - this gives us grand elevation, platform growth, greater entry into Europe and the platform to expand."

The acquisition will boost Avison Young's revenues to C$1 billion (S$1.05 billion), Mr Rose said. In July, revenues were about C$650 million.

Avison Young received a C$250 million investment from Canadian pension fund Caisse de depot et placement du Quebec in July and set about expanding its reach around the world. BLOOMBERG