Savills has made a big play in the Spanish property market with the €67M purchase of the country’s top domestic property services firm, Aguirre Newman.

Savills beat out competition from Cushman & Wakefield, which was also reported to be in talks to buy Aguirre.

Aguirre Newman employs more than 400 staff and is headquartered in Madrid, with offices in Barcelona, Malaga, Lisbon and Porto, Portugal.  The firm provides agency, investment, management, architectural, consultancy, valuation, planning, corporate finance and asset management services. It made revenue of €69M last year.

Combined with Savills, the new firm will have 470 staff and be called Savills Aguirre Newman.

The purchase consideration will be funded from Savills' cash and existing banking facilities. On completion, Savills will pay €42M. Deferred consideration of up to €5M is payable on each anniversary of completion for the next five years, totalling €25M.