"This is an excellent opportunity to secure a relationship with the No. 1 property services firm in South Africa," says Alan Froggatt, chief executive of Insignia in Europe. "Not only will this increase our ability to service multi-national corporates, but in addition we anticipate significant flows of investment monies into international markets."
Established in Cape Town in 1974, Broll has offices in Durban, Johannesburg, Port Elizabeth and Pretoria. The firm is jointly owned by South African black empowerment company Mvelaphanda Strategic Investments, its employees and South African bank Nedcor. Its range of expertise includes property management, brokerage, property services and consulting to the retail, industrial and office markets.
The company will trade as 'Broll, In Association with Insignia' for the time being. Insignia Financial Group will not have an economic interest in Broll Property Group.
"By establishing ties with arguably the best property advisor in the world, we will provide new opportunities for our shareholders, our staff and most importantly our clients," says Broll executive chairman Jonathan Broll. "In addition to the obvious networking opportunities the new relationship brings, Insignia has set the benchmark for industry best-practice. They are market leaders in the United States, the United Kingdom, Europe and the Far East and their accumulated know-how will enhance our own abilities."
Last month, Insignia revealed plans to beef up its European operations. The firm opened a new Barcelona office and expanded its Madrid staff. In addition, Insignia formed affiliations with real estate companies in Denmark and Sweden, and expanded its Frankfurt staff. Also in September, Insignia launched a new Asian business unit, which focuses on servicing corporate clients seeking representation in India.
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