International estate agency Engel & Völkers has announced plans to return to the UK after British global investment firm Permira agreed to acquire a majority stake in the firm.
Founded in Hamburg in 1977, the firm has 11,500 agents in more than 30 countries, operating independently on the Engel & Völkers platform using its listing base, technology, service offering and trademark.
Until 2019, it had an office in London’s Sloane Square, and previously had a presence in the capital from 2006-2008.
The investment will enable the company to attract and recruit more agents, and will help digitise its model and allow it to become more international says CEO Sven Odia (pictured), who tells The Neg that it has plans to expand to London soon.
He says: “For the time being, there will be no shops of license partners in London, but we will offer independent real estate agents the comprehensive digital services of Engel & Völkers as a tech-enabled brokerage platform.”
It is also considering expanding in some Scandinavian countries and plans to continue growing in key markets, including Austria, Germany, Switzerland, Spain, Italy, France and the USA.
Odia adds that it expects commission revenues to exceed one billion euros by the end of 2021. “This impressive growth trajectory is the ideal time to set the course for an even stronger future, to develop new strategies and to further expand the brand’s potential, especially in the tech-operated business.”
Founder Christian Völkers (pictured) says: “Our overriding aim is to keep developing the company and driving innovation at all times. Together with Permira, we can further strengthen the positioning of Engel & Völkers as a global pioneer in the industry, and I will be able to implement my vision for the digitalisation.”
The Völkers family and part of the management team will retain almost 40% of the company shares while Christian Völkers will become chairman of the supervisory board. The deal is expected to be finalised at the end of the year.