Property adviser GVA, which employs 80 people in Bristol, has voted overwhelmingly in favour of a strategic partnering with the €8.5bn international engineering, management and real estate giant Bilfinger.
GVA, based at St Catherine’s Court in Bristol, is one of the city’s leading property advisers, with clients including Bristol and Bath Science Park, The Mall at Cribbs Causeway, Central Park at Severnside and Temple Quay. GVA is one of the few property advisers in the city to offer a complete range of commercial property consultancy services. It has one of the most respected planning teams in the South West, involved in many of the region’s most significant regeneration projects. The Bristol office is also home to GVA’s national primary care team, which offers a specialist service to the primary health sector advising from inception to delivery of purpose built medical centres throughout the UK.
David Mace, Regional Senior Director at GVA’s Bristol office comments, “This move will see GVA propelled onto the international stage, and will be a positive move for us here in Bristol, as well as all all our offices throughout the UK. GVA has been operating in Bristol for over forty years, and 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 the South West 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.”
