London-listed Savills acquires US-based Eastdil Secured in £827m deal

Savills plc has agreed to acquire New York-headquartered real estate investment bank Eastdil Secured Holdings, LLC for an enterprise value of $1,112.5 million (£827 million), in the largest transaction in the firm's 171-year history.

The deal, announced on 12 March 2026 alongside Savills' full-year 2025 results, values Eastdil Secured at 9.9 times its 2025 underlying EBITDA of $113 million. Total consideration is $921.25 million (£685 million), structured as $552.75 million in cash and $368.5 million in new Savills ordinary shares, representing approximately 16% dilution to existing shareholders.

Eastdil Secured, founded in 1967, generated revenue of $633 million in 2025 across property sales, debt placement, loan sales, M&A advisory, joint ventures, and structured credit. The firm employs approximately 650 staff across 20 global offices and advised on more than $235 billion in transactions in 2024. North America accounts for 76% of Eastdil's revenue.

The acquisition transforms Savills into the leading adviser on US commercial real estate transactions above $100 million and a top-two global player in real estate capital markets advisory, the company said. Combined group revenue on a 2025 pro forma basis stands at £3.02 billion, with North America rising from a minor contributor to 23% of total revenue.

Group chief executive Simon Shaw, who took the role on 1 January 2026, said the deal "directly addresses" Savills' historic underweight in North American capital markets. Shaw noted the group entered 2026 "well positioned as clients' confidence and appetite to transact accelerated into Q4, resulting in the strongest Q4 for our Transactional business since 2019."

The cash component is funded through an unsecured bridge facility of up to $800 million provided by Lloyds Bank and NatWest, at an all-in cost of 5.5% to 6.0%, with a 12-month term and two six-month extension options. Savills moves from a pre-deal net cash position of £167.7 million to estimated net debt of approximately £594 million at completion. The company targets a net debt to EBITDA ratio of around 1.0x by end-2027.

Savills anticipates low-to-mid teens earnings per share accretion by 2027 on an underlying basis, pre-synergies, with revenue synergies of at least £60 million per annum targeted at run rate and £15 million in annual EBITDA synergies in the medium term.

Eastdil will continue operating under the name Eastdil Secured Savills. Roy H. March, who joined Eastdil in 1978 and served as chief executive, moves to executive chairman. Michael Van Konynenburg is elevated to chief executive of Eastdil Secured Savills and joins the Savills Group Executive Board.

Existing investors Guggenheim Investments and Singapore's Temasek Holdings, which backed the 2019 management buyout that valued Eastdil at approximately $400 million, are rolling equity into Savills shares rather than taking full cash exits. The 2026 enterprise value represents an approximate 2.8x return on the 2019 buyout valuation. Wells Fargo, which has retained a minority stake since selling Eastdil in 2019, will hold 0.5% of the enlarged group.

Savills reported group revenue of £2.55 billion for FY2025, up 6.1% year-on-year, and underlying pre-tax profit of £145.3 million, up 11.4%.

Savills shares fell 6.2% on the day of announcement to 939.88p.

Completion is expected in Q2 or Q3 2026, subject to regulatory approvals, with a long-stop date of 31 December 2026.



Also read: Consolidation starting to grip UK estate agent market
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