GVA shareholders give green light to Bilfinger merger

Property adviser GVA, which employs 20 people in Cardiff, has  voted overwhelmingly in favour of a strategic partnering with the €8.5bn international engineering, management and real estate giant Bilfinger.

GVA, based at One Kingsway in Cardiff, is one of the city’s leading property advisers, with clients including Welsh Government, the MOD, Brains Brewery, Persimmon Homes and a number of councils and other public sector bodies in the region.   GVA is one of the few property advisers in the city to offer a complete range of commercial property consultancy services, with one of the most respected planning teams in the South Wales.

Steve Gibbon, Director at GVA’s Cardiff office comments, “This move will see GVA propelled onto the international stage, and will be a positive move for us here in Cardiff, as well as all all our offices throughout the UK. This now sees another exciting chapter in the firm’s development, offering huge potential for our staff, clients and suppliers, and transforming our drive for major growth.

“In 2013 GVA in Wales and the South West and had its best trading year since 2008. With this announcement comes increased optimism to continuing growth across 2014 and beyond.”

In a move that required a 76% vote from all GVA stakeholders in favour of a partnership with Bilfinger Real Estate that will be nothing short of transformational for both companies, 99% voted in favour of the board’s proposition. Bilfinger’s fast-growing Real Estate division currently has some 1,500 Real Estate professionals and an annual turnover of €160 million.

The decision to work with Bilfinger Real Estate as GVA’s preferred strategic merger partner follows the completion of a six month review by investment bank Canaccord Genuity, into GVA’s options to enhance its medium to long-term growth.

Exchange of contracts took place today as a result of this hugely positive result which means that, subject to outstanding legalities, completion is expected before the end of June 2014. The transaction will involve a transfer of GVA’s existing shares to give Bilfinger Real Estate 100% ownership.

Aydin Karaduman, CEO at Bilfinger Real Estate, comments: “We are pleased, and very excited to see that what we are working towards is a popular cause of action for GVA stakeholders, as it is here at Bilfinger Real Estate. This very positive sentiment within both companies towards the move will help ensure a successful transition and integration over the coming months and years.”