London-listed global brokerage Savills has agreed to buy Eastdil Secured, the private real estate investment bank known for high-priced deals.
Eastdil owners Guggenheim Investments and Temasek Holdings have agreed to sell to the brokerage, Green Street News first reported, saying Savills will pay around £900 million. CoStar News has confirmed this information independently.
Savills and Eastdil did not comment but an announcement is expected when Savills reports its financial results on Thursday morning.
Guggenheim and Temasek bought the business from Wells Fargo in 2019 for about $400 million when Eastdil entered into a management-led recapitalisation in partnership with Singaporean investor Temasek and institutional clients of Guggenheim Investments.
Founded in 1967, Eastdil Secured is based in New York City with its European headquarters in London. It has pioneered providing real estate financing advice alongside capital markets expertise.
The acquisition will bolster Savills' presence in the United States while also adding to its capital markets and investment banking.