Savills has today, 1 June 2023, announced the acquisition of Predibisa in Portugal. The business will rebrand to Savills over the next few weeks.
The residential and commercial real estate company has 30 employees, based in two offices in Porto, and is led by Rui Branco. Both offices will be retained. The team has been providing residential and commercial real estate advice in the north of Portugal for over 30 years and is the market leader in Porto.
Savills has had a presence in the Portuguese market since 2018 and now employs 120 people in the country, with existing strong teams and offices in Lisbon and Porto. In 2022, commercial real estate investment volumes reached €3.3 billion in Portugal as the country continued to be seen as a safe haven for investors. The market is underpinned by strong fundamentals, attracting an increasingly diverse range of investors and occupiers looking to expand their activity on the European continent. The residential market has been one of the main drivers of international investment in the country in recent years, with sales figures already exceeding pre-pandemic levels.
James Sparrow, CEO of Savills UK & EMEA, comments: “We have a fantastic business in Portugal and it is a key growth area for us. Porto is the second city and is flourishing both from a commercial and residential perspective. This is a natural next step for us and we are very excited about this acquisition.”
Justin Marking, head of global residential, Savills, says: “We’re looking forward to working with our new colleagues at Predibisa enormously; they are proven leaders in the local new homes sales and resale markets in Porto and will complement our existing offering from our established residential team in Lisbon who specialise in the same markets. Portugal is a part of the world that’s of increasing interest to international buyers and developers, many of whom are established clients of Savills global residential network.”
Patrícia Melo e Liz, CEO of Savills Portugal, says: “Savills has a strong track record in Portugal and by acquiring Predibisa we are taking a natural step towards geographic expansion in the country. We are very pleased to be working with the Predibisa team and extending our services to clients in Porto.”
Rui Branco, Senior Director at Predibisa, says: “By joining a leading international real estate advisor with exceptional expertise in the residential and commercial sector, we will be able to build on our position in the market.”
João Leite Castro, Senior Director at Predibisa, adds: “Savills gives us access to a vast international network of customers and employees, which will open up additional growth potential, and provide our employees with excellent development opportunities.”