Avison Young is pleased to announce the acquisition of North Rae Sanders
11 January 2016Avison Young acquires North Rae Sanders, opens new office in Coventry, U.K., eight members join
Purchase widens Avison Young’s U.K. footprint, adds four new Principals
Toronto, ON – Mark E. Rose, Chair and CEO of Avison Young, the world’s fastest-growing commercial real estate services firm, announced today that it has acquired market-leading U.K. firm North Rae Sanders (NRS) and opened a new office in Coventry.
The newest U.K. office represents Avison Young’s fourth office in the U.K, eighth office in Europe, and an additional step in the firm’s ongoing aggressive growth and expansion strategy.
Over the past seven years, Avison Young has grown from 11 to, now, 75 offices in 67 markets, and from 300 to more than 2,100 real estate professionals in Canada, the U.S., Mexico and Europe.
Founded in 1991, NRS is one of the U.K.’s leading commercial property service providers, with a focus on the logistics/warehousing, manufacturing, office and mixed-use sectors. The company works on behalf of major investors, developers and occupiers. EGI industrial research recently ranked NRS seventh in EGI’s “National Industrial Agents EGI League Table (Disposals) – First Half 2015”. NRS ranked first in disposals in West Midlands and second in East Midlands, and has a growing presence in London and the South East markets.
Effective immediately, NRS is rebranded as Avison Young and eight new members join from NRS. Robert Rae, Andrew Jackson, Peter Keir and Tom Kimbell become Principals of Avison Young.
“We’re thrilled to welcome the NRS team to Avison Young and open a new office in Coventry, which will provide us with a centre of excellence in the Midlands marketplace,” comments Rose.
“This acquisition is another important step towards the expansion of our rapidly growing U.K. operations. Avison Young will continue to offer clients a countrywide service offering that spans the entire property lifecycle, with access to overseas markets and resources of the wider firm. Furthermore, NRS will enable us to further bolster our service offering and provide us with insight and market knowledge at a local level. The NRS team is a perfect match for us as the members are focussed entirely on delivering added value for clients, which mirrors the Avison Young client-centric, Principal-led culture.”
Rose continues: “Robert, Andrew, Peter and Tom are well-respected leaders within the commercial property industry, and their combined experience and approach to the delivery of client projects will be extremely beneficial to Avison Young as we continue to execute our strategic growth plan throughout the U.K. Moreover, the recruitment of the eight members of the NRS team will further strengthen our existing high-performing U.K. team.”
Nick Cook, a Principal of Avison Young and Managing Director of the firm’s London and Thames Valley offices, will also serve as Managing Director of the new Coventry office and oversee the company’s strategic direction in the Midlands. As Principals of Avison Young, Rae, Jackson, Keir and Kimbell will jointly manage the day-to-day operations of the Midlands office while serving new and existing clients.
“Given its dominance in the industrial and logistics sectors and prominence among the major property agents in the Midlands region, the NRS team is an important addition to Avison Young,” states Cook. “As a business, NRS is well-respected throughout the Midlands and South East regions and the rest of the U.K. I have known all of the new Principals for many years and can attest to the positive client and industry relationships that they have developed since Robert Rae and his former partners launched NRS in 1991. Their presence will also enable Avison Young to attract key talent operating in the logistics and industrial sectors on a national basis.”
Cook adds: “With an increasing flow of Canadian and U.S. occupiers and investors seeking to develop their property and business interests in the U.K., the addition of the NRS business and team will provide Avison Young’s global clients with a deeper range of capabilities and services.”
Effective immediately, Avison Young’s new Midlands office is located at Orchard Court, Binley Business Park in Coventry.
“Our entire team looks forward to working with our new colleagues at Avison Young,” states Rae. “The acquisition will enable us to grow our business and provide access to a broader range of resources. The Avison Young brand will also enable us to deliver an unprecedented level of service to our current and future clients throughout the U.K. and other parts of Europe, as well as in North America. Taking advantage of the Midlands’ rising population, vibrant industrial real estate sector and strong job-growth opportunities, our legacy team will enable Avison Young to enhance its full-service platform and overall market reach.”
He adds: “Our team also welcomes the opportunity to be part of Avison Young’s Principal-led ownership model and collaborative culture. We recognized that, to compete effectively in today’s dynamic U.K. and global marketplaces, we needed to join a leading firm, while also being able to maintain our focus on the industrial and office sectors across the Midlands and South East regions. Our team members know that we can better serve clients by collaborating with our colleagues across Avison Young, and we look forward to helping our clients expand their businesses and property holdings.”
Avison Young entered the U.K. market in April 2014, when it acquired London-based commercial real estate services firm Haywards LLP and opened new offices in London and Thames Valley. The London-area locations represented Avison Young’s first offices outside of North America and a milestone step in the firm’s ongoing aggressive global growth and expansion strategy. Since then, the London and Thames Valley operations have grown steadily, and Avison Young has widened its European footprint by entering the German market and opening new offices in Frankfurt (December 2014), Munich (January 2015), Duesseldorf (March 2015) and Hamburg (June 2015).
Coventry is the fastest-growing city in England outside of London and the fifth fastest-growing city in all of the U.K., according to government population figures released in 2015. The Midlands region, home to more than 9 million people, plays a key role in the U.K. economy. Top Midlands cities include Birmingham, whose major international airport serves as a vital cargo-shipping hub; Coventry, whose automotive industry is known globally for its design and engineering capabilities, which are attracting significant domestic and international investment; Nottingham and Wolverhampton. Thanks to its central location within England and the U.K., the Midlands region serves important transportation and export roles, which benefit the U.K., European and global economies. According to BDO International, Midlands exports have doubled in the past five years. Leading Midlands industries include advanced manufacturing and engineering, construction, IT services, digital and creative, logistics, culture and tourism, professional and financial services and healthcare. Major auto manufacturers with Midlands plants include Rolls Royce, Jaguar and Toyota. The entire region’s employment is on the rise.
Today’s announcement comes on the heels of Avison Young acquiring Toronto-based property appraisal company Metrix Realty Group (Ontario) Inc. on January 4, 2016, and Avison Young opening new offices in Memphis, Tennessee on December 7, 2015 and in Mexico City on December 2, 2015.