Savills buys stake in Hamburg

SAVILLS has taken a major stake in Hamburg's longest established property management company Theodor Schà¶ne.

Established in 1921, the new company will trade under Savills Immobilien Management Hamburg GmbH.

Savills’ chairman and chief executive Jeremy Helsby said the acquisition is in line with Savills expansion in Germany and follows the opening of a new Hamburg office in March of this year.

“Following recent acquisitions of property management teams and businesses in Madrid, Paris and Berlin this acquisition is in line with our strategy to provide our domestic and international clients with a top quality property management service in the key cities in continental Europe,” he added.

Savills’ head of Germany Roy Frydling said the German market is currently the strongest in Europe.

Peter and Stephan Berger will continue to lead the 50 strong team and Sidney Jachimowicz will remain the head of property management in Germany, as well as managing director in Hamburg

Savills Germany now has 70 staff members in property management and manages more than 18,000 office, residential and retail units with a value of in excess of €2 billion euro.

Australian Property Journal