Bilfinger to buy GVA

COMMERCIAL property agent GVA is being bought by the German engineering conglomerate Bilfinger.

In a statement the London-headquarted firm, which has 175 staff in Manchester and Liverpool, said the deal would complete next month subject to legalities and a shareholder vote at Bilfinger which is listed on the Frankfurt stock exchange.

Last year GVA said it was looking at a float, a sale or a refinance to allow an exit for LDC, the private equity firm that owns 27.5% of the company following a debt-for-equity swap in 2012.

Bilfinger has four divisions – industrial, power, construction and building. GVA will sit within the real estate team, part of the building arm, which has 1,500 staff and a turnover of £122m. Overall the Mannheim-based business has 74,000 staff worldwide.

Mark Rawstron, regional senior director at the Manchester office, stressed the deal would not affect team structures or office locations.

“Our commitment to the core cities and regions remains a top priority and this key differentiator was one of the things Bilfinger was attracted to,” he said. “In addition our brand, which represents huge capital value, will not change immediately but will evolve over a matter of years.

“However, it’s equally critical to convey that our partnering with Bilfinger Real Estate combined with LDC’s exit will offer a hugely exciting opportunity for clients and an unprecedented prospect for us to create a truly international dimension to our UK-facing business.”

Aydin Karaduman, chief executive at Bilfinger Real Estate, said: “This deal is part of a strategic plan to develop a leading international real estate consultancy and management offer with representation in every major commercial centre in the world.”