Savills - Appointment - London, UK

Date: 07 Sep 2010

Savills has expanded with a new dedicated portfolio valuation department.

The department, led jointly by John Rhodes and Claire Magowan, is based at Savills Grosvenor Hill headquarters in London. The duo, who previously worked at BNP Paribas Real Estate, have a combined experience of 50 years in this sector and are regarded as market leaders. They will build on Savills existing portfolio client base, including IVG, Goodman, Canary Wharf Group and Nottinghamshire County Council, to service property companies unitised and pension funds, as well as life assurance companies.

Mark Ridley, Chairman of Savills Commercial, says: "Savills is set to build a portfolio valuation department in direct response to demand from our investment clients in particular. We already advise portfolio clients and with this dedicated service we will position ourselves as a market leader in this field and aim to secure a significant book of business."

John Rhodes, joint head of portfolio valuation at Savills, says: "During the recent economic downturn IPD market values fell by almost 50% and this has highlighted how vital regular valuations are in ensuring accuracy and transparency for pension fund and property company accounts, as well as determining pricing for PUTs and life companies. As the market continues to change, Savills will be in prime position to provide accurate advice working with the intellectual support of the existing valuation team and the highly credible investment team."

Savills existing valuation business has to date specialised in bank advisory work, both for new lending and workout, and some portfolio valuations have been undertaken in addition as part of a wider practice. The new department has been set up to take portfolio valuation forward as a specialist area of business to provide a recurring valuation service on behalf of property companies and financial institutions for both accounts and pricing purposes.

John Rhodes and Claire Magowan

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