International real estate advisor Savills has announced the acquisition of the Predibisa residential and commercial real estate company 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 offices in Lisbon and Porto. In 2022, commercial real estate investment volumes reached €3.3 bn in Portugal as the country continued to be seen as a safe haven for investors.
James Sparrow, CEO of Savills UK & EMEA, commented: '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.'
Patrícia Melo e Liz, CEO of Savills Portugal, added: '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, said: '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.'