NEW
YORK and LONDON,
March 10,
2023 /CNW/ -- Newmark Group, Inc. (Nasdaq:
NMRK) ("Newmark" or "the Company"), a leading full-service
commercial real estate services business, today announced that
it has acquired London-based real
estate advisory firm, Gerald Eve LLP ("Gerald Eve"). Gerald
Eve operates from nine UK offices across multiple business
lines and property types, with particular strength in capital
markets, corporate real estate advisory, planning and development,
tenant representation, landlord leasing and valuation. The
transaction provides Newmark with added depth and breadth of
services, augmenting its expansion internationally, including
recent acquisitions of investment sales and leasing advisory firms
BH2 and Harper Dennis Hobbs, and
Paris-based flexible office
operator Deskeo. With the acquisition of Gerald Eve, Newmark is positioned to be a market
leader in office, logistics and retail in the UK and Europe. Furthermore, with Doug Harmon and Adam
Spies recently joining Robert
Griffin and Kevin Shannon as
Co-Heads of Newmark's U.S. Capital Markets business, the Company is
well positioned to expand its capital markets business outside of
the U.S.
![Image Courtesy of Newmark Group, Inc. (Nasdaq: NMRK): Senior Partner Simon Prichard and Managing Partner Simon Rees of Gerald Eve Image Courtesy of Newmark Group, Inc. (Nasdaq: NMRK): Senior Partner Simon Prichard and Managing Partner Simon Rees of Gerald Eve](https://mma.prnewswire.com/media/2030105/Image_Courtesy_of_Newmark___Prichard__Rees_of_Gerald_Eve.jpg)
Gerald Eve
operates from nine UK offices across multiple business lines and
property types.
"Gerald Eve is a market-leading
advisor in the UK," stated Barry
Gosin, Newmark Chief Executive Officer. "Gerald Eve adds momentum to our goal of having
more than 10% of Newmark's revenue generated from outside of
the United States by 2025. The
closely aligned values and culture of Newmark and Gerald Eve position this combination
for continuity and undisputed industry expertise."
Simon Prichard, Senior Partner,
Gerald Eve commented: "Joining a top
global commercial real estate services company creates significant
growth opportunities for Gerald
Eve's clients and our people. For almost 100 years, we have
prided ourselves on our market expertise and commitment to client
service and, following record revenue in the latest financial year,
Newmark's backing will further strengthen our capability to operate
at the top of our game."
Gerald Eve advises clients across
a wide range of business lines, including capital markets,
corporate real estate advisory, asset managementi,
tenant representation, planning and development and building
consultancy, property management, valuation and business rate
advisory. Gerald Eve's clients
include many of the companies listed in the Financial Times Stock
Exchange 100 Index, as well as real estate investors, private
equity, corporate occupiers and development firms across multiple
property types, with particular strength in the industrial, office
and alternative sectors.
Through its diverse services, blue-chip client portfolio and
nearly 100 years of history, Gerald
Eve has a long track record of consistent, strong financial
results. In fiscal year 2022, Gerald
Eve generated net revenues of £92.7 million (U.S.
$111.4 million using current exchange
rates).ii Over half of 2022 net revenues were from
management services businesses.
Simon Prichard will continue to
serve as Senior Partner of the business post-closing, alongside
Managing Partner Simon Rees.
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its
subsidiaries ("Newmark"), is a world leader in commercial real
estate, seamlessly powering every phase of the property life cycle.
Newmark's comprehensive suite of services and products is uniquely
tailored to each client, from owners to occupiers, investors to
founders, and startups to blue-chip companies. Combining the
platform's global reach with market intelligence in both
established and emerging property markets, Newmark provides
superior service to clients across the industry
spectrum. Newmark generated revenues of approximately
$2.7 billion for the year ending
December 31, 2022. Newmark's
company-owned offices, together with its business partners, operate
from approximately 180 offices with nearly 6,700 professionals
around the world. To learn more, visit nmrk.com or
follow @newmark.
About Gerald Eve, a Newmark
company
Gerald Eve, a Newmark company, is
an award-winning firm of property consultants, based in the UK with
600 professionals working from nine offices. Gerald Eve, which counts many of the
FTSE100 as clients, offers services including occupational and
investment agency, planning and development, rating, building
consultancy, rent review and lease renewal instructions, compulsory
purchase and compensation, valuation and business rates.
Discussion of Forward-Looking Statements about
Newmark
Statements in this document regarding Newmark that are not
historical facts are "forward-looking statements" that involve
risks and uncertainties, which could cause actual results to differ
from those contained in the forward-looking statements. These
include statements about the effects of the COVID-19 pandemic on
the Company's business, results, financial position, liquidity and
outlook, which may constitute forward-looking statements and are
subject to the risk that the actual impact may differ, possibly
materially, from what is currently expected. Except as required by
law, Newmark undertakes no obligation to update any forward-looking
statements. For a discussion of additional risks and uncertainties,
which could cause actual results to differ from those contained in
the forward-looking statements, see Newmark's Securities and
Exchange Commission filings, including, but not limited to, the
risk factors and Special Note on Forward-Looking Information set
forth in these filings and any updates to such risk factors and
Special Note on Forward-Looking Information contained in subsequent
reports on Form 10-K, Form 10-Q or Form 8-K.
____________________
|
i Gerald Eve's "asset management"
business is similar to Newmark's business in Global Corporate
Services. This portion of Gerald Eve's revenues, along with those
from planning and development and building consultancy, property
management, and valuation and business rate advisory, will be
recorded as part of the Company's management services
business.
|
ii Gerald
Eve's fiscal year 2022 "net revenues" exclude £3.4 million of pass
through revenues which equaled their related expenses. "Net
revenues" are, therefore, similar to what Newmark refers to "fee
revenues." Gerald Eve's fiscal year ends on April 5. Based on
Bloomberg's average spot exchange rate of $1.3655 per £1.00 over
the period of April 6, 2021, to April 5, 2022, Gerald Eve's FY 2022
net revenues would have been $126.6 million in U.S. dollars. Using
the March 6, 2023 at 4:00 p.m. ET, spot exchange rate of $1.2019
per £1.00, Gerald Eve's net revenue would have been $111.4
million.
|
# # #
View original content to download
multimedia:https://www.prnewswire.com/news-releases/newmark-acquires-top-uk-based-real-estate-advisory-firm-gerald-eve-301768929.html
SOURCE Newmark Group, Inc.