It’s being widely reported that German-based Bilfinger has acquired GVA for around GBP 150m in a deal intended to create a rival for the global brokerage brands currently dominating the market. GVA is a strategic buy, as it provides GVA with UK exposure to add to its established European presence. The deal is being seen in the light of a wave of brokerage mergers as the global property market undergoes a revival. Bilfinger revealed recently that it would be shedding a considerable portion of its construction business. Its real estate division currently produces sales of around €160m annually.
