Milbank advised Park Square Capital, SMBC and HayFin as lenders on the financing of Permira’s acquisition of Engel & Völkers, a leading property brokerage platform. Following the transaction, the Völkers family and part of the management team will retain almost 40% of the shares in the company. Engel & Völkers founder Christian Völkers will become Chairman of the Supervisory Board. Financial details of the transaction were not disclosed. Closing of the transaction is subject to customary closing conditions and is expected in the fourth quarter.
Engel & Völkers was founded in Hamburg in 1977 and has developed into one of the world's most renowned brands in premium real estate brokerage. Today, more than 11,500 real estate agents work independently on the Engel & Völkers platform at 900 locations in more than 30 countries.
The Milbank team, that advised the lenders on the financial aspects of the transaction, was led by partners Davide Mencacci and Barbara Mayer-Trautmann and included associates Jennifer Seipelt, Daniele Sutto, David Zhu as well as transaction lawyer Silvia Lengauer.
