Savills Plc has completed its acquisition of Eastdil Secured LLC, for an enterprise value of US$1.1125 billion (approximately £827 million). The proposed acquisition was announced this past March.
Eastdil Secured will be rebranded to “Eastdil Secured Savills” with immediate effect and will continue to operate its existing business model within Savills Group, as the Group’s Real Estate Investment Bank. The combined group will be the number two advisory firm globally for prime commercial real estate transactions above $100 million.
As announced on March 12, the executive leadership of Eastdil Secured Savills includes the following appointments: Roy H. March as executive chairman, D. Michael Van Konynenburg as CEO, and James McCaffrey as president. Van Konynenburg and McCaffrey will both join the Savills Group Executive Board.
Eastdil Secured Savills will maintain key headquarters in New York, Santa Monica and London. Its 21 existing offices will join the Savills network across more than 70 countries.
“This is an important milestone for our firm,” said Van Konyenburg. “With the transaction complete, we look forward to working alongside our colleagues at Savills to broaden the expertise and resources available to our clients while continuing to deliver the unparalleled capital markets expertise, execution and discretion that have long defined Eastdil Secured. Together, we are well positioned to expand our capabilities and create new opportunities for our clients and our people.”
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