March 30, 2019
Wells Fargo is on the verge of selling Eastdil Secured after a 20-year hold on the investment sales platform. The Wall Street Journal reported that Wells is in advanced talks to sell New York-based Eastdil to a venture led by Guggenheim Investments and Singapore-based sovereign wealth fund Temasek Holdings.
The selling price isn’t clear, the WSJ reported, and there’s a chance the deal won’t come to fruition.
For Wells, the sale would fit its strategy of divesting noncore businesses. For Eastdil, it would open up the Asian market, where its presence is currently limited, and also lessen its regulatory scrutiny in the U.S.
A niche business specializing in the sale of large commercial properties, Eastdil has reportedly lost some market share in recent years. A couple of its major teams, including a group led by Doug Harmon and Adam Spies, have defected to full-service CRE brokerages.
Pictured: Eastdil CEO Roy March
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