GVA targets acquisitions
Property consultancy GVA is set to target further acquisitions, according to Carl Potter, a director in the firm’s Birmingham office. He told Insider the recent purchase of Humberts Leisure was part of an ongoing drive to "remain active", and to build up specialist teams across the company.
The company completed the acquisition of Humberts Leisure at the end of May this year, creating leisure property specialist GVA Humberts Leisure.
Potter said GVA was looking to grow through acquisitions.
He said: "He’re always looking at the smaller, niche operations out there and will continue to look to work together with those kinds of companies. We’re most definitely looking towards mergers with companies of a similar stature of Humberts Leisure. It’s part of most firms’ strategy to strategically consolidate, and GVA is no different."
Potter said that the trend of mergers and acquisitions between firms in the market was likely to continue, and added that it was part of GVA's strategy to look at how other companies in the sector were growing and adapting to change.
He pointed to the recent Jones Lang LaSalle merger with King Sturge as indicative of the way the market is headed.
Potter said: "It’s part of our strategy to look at companies. We happen to think the Jones Lang LaSalle/King Sturge deal made a lot of sense. They were companies with two very different mindsets, but if you put those two together then you get the best out of a very dynamic offering.
"As a comparison, if you look back to when DTZ took over Donaldsons, I think people will have differing views on whether that has been successful or not, but I think the Jones Lang LaSalle merger with King Sturge is a good fit."
Potter said he thought the trend for mergers and acquisitions would continue in the UK property market.
He added: "Firms are looking to strategically consolidate, and more and more investors are looking to enter the UK sector. It’s a well-established, mature market, and it’s attractive on a global scale. Acquiring or merging with a UK property consultant is a very good route into gaining specialist market knowledge. I think there’ll be a lot more activity over the next 24 to 36 months."
Assisting in its plans to grow, GVA has been appointed to manage Victoria Square House in Birmingham.
The company has been appointed to mange the 160,000 sq ft office building by asset managers F&C REIT Ireland.
Christopher Hipkiss, regional director of GVA’s Birmingham-based property management team, said: "This is a great time to be taking on the property management responsibilities for Victoria Square House, as we are currently managing a complete area upgrade to the lobby areas of the building. We are also working on a programme to bring the exterior stone work up to the same exceptional standard as the recently renovated Town Hall, which was re-opened in 2007.
"Victoria Square House offers some of the largest floor-plates in the city, which is very attractive to a number of large occupiers. This trophy address and prime location ensures it is a very well-let multi-tenanted building, and we will be working closely with all of the tenants to actively manage the building going forward."
Tenants in the six-floor building include law firm DLA Piper, the Gambling Commission and the General Teaching Council. Hudson Global Resources and OFWAT have also taken leases on the property.
