Savills plc has reached a definitive agreement to acquire the global real estate investment bank Eastdil Secured LLC. The transaction carries an enterprise value of $1,112.5 million. This acquisition is one of the largest in the history of Savills and aims to create a global powerhouse in capital markets advisory.

The deal brings together a leading international real estate advisor with a preeminent investment bank. Upon completion, the combined group will rank as the second largest advisory firm globally for prime commercial transactions exceeding $100 million. Eastdil Secured will operate as the dedicated real estate investment bank within the Savills Group. It will maintain its existing business model and keep its primary headquarters in London, New York and Santa Monica.

Leadership changes have been announced to coincide with the takeover. Roy H. March will transition from his role as chief executive to become Executive Chairman. D. Michael Van Konynenburg will take over as Chief Executive Officer. James McCaffrey is set to become President and will lead international growth from the London office. Both Van Konynenburg and McCaffrey will join the Savills Group Executive Board. Senior staff at Eastdil will also become Savills shareholders as part of the deal structure.

The acquisition provides Savills with a major footprint in the US capital market. It also offers Eastdil Secured a platform for expansion across the Asia-Pacific region. By combining their services, the firms can now offer a full life cycle of property ownership support, from consulting and management to debt placement and mergers.

“Eastdil Secured is an organisation we have worked with and admired for many years. It has a complementary geographical footprint and similar culture to our own. This acquisition is a significant step forward for both of us, bringing to the global investment community a much-needed choice of leading advisory partner to deliver a comprehensive suite of investment banking, strategic, financial, development, leasing and other “boots on the ground” property solutions. By acquiring a leading REIB provider, the improved breadth of our services and enhanced global footprint will create significant growth opportunities for the combined Group’s staff and significant value to our clients and shareholders alike,” said Simon Shaw, Group Chief Executive of Savills.

Roy H. March, Executive Chairman of Eastdil Secured, added: “Throughout its history Eastdil Secured has developed strategic partnerships to better serve our clients and be the most relevant and trusted advisor in the real estate investment banking industry. This transaction marks the beginning of a new chapter for Eastdil Secured, which will accelerate our growth, create opportunities for our team, and significantly enhance our ability to provide best-in-class real estate investment banking services for our valued clients globally. As part of Savills, Eastdil Secured will continue to serve as a trusted advisor and provide clients with unmatched capital markets and commercial real estate expertise, now with more resources as part of a larger organization with complementary geographic reach and advisory capabilities. The Savills team shares our commitment to excellence and our emphasis on discretion, collaboration, and insight-driven execution. We look forward to continuing to grow and deliver for our partners as part of this industry-leading global platform.”