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Engel & Völkers

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Engel & Völkers Holding GmbH
FormerlyEngel & Cie.
Company typePrivate (GmbH)
IndustryReal estate
FoundedDecember 1977
FoundersDirk Engel
Headquarters
Hamburg
,
Germany
Number of locations
1,000 in 35 countries (2025)
Area served
  • Europe
  • Middle East
  • North America
  • Latin America
Key people
Revenue€1.24 billion (2024)
Owner
  • 60% Permira managed private equity funds[2]
  • 40% Christian Völkers and other individuals[3]
Number of employees
16,700 (2024)
Websiteengelvoelkers.com

Engel & Völkers is an international real estate and service company headquartered in Hamburg, Germany.[4] The company was founded in 1977 as Engel & Cie by Dirk Engel and is specialized in brokering high-end residential and commercial properties.[5][6]

In the 1990s, under the leadership of Christian Völkers, the company began to expand internationally and introduced a franchise model. Permira funds acquired the majority of shares in 2021.[7]

History

Villa on the Elbchaussee in Hamburg

Foundation of Engel & Cie.

In 1977, Dirk Engel established his own real estate agency in Hamburg. In 1980, Engel opened an office in a villa on Elbchaussee. The villa was part of the logo for many years and is still anchored in the brand identity.[8]

In 1981, Christian Völkers joined the company as a managing partner.[9] Dirk Engel and Christian Völkers had been friends since their youth. After Engel passed away in 1986, Völkers took over his partner's shares and continued to run Engel & Cie. under the name Engel & Völkers.[10] He also expanded the business from residential to commercial real estate.

International expansion

In 1990, Engel & Völkers opened its first office outside Germany in Palma de Mallorca. Further offices were established in Spain (1999), Switzerland, and Austria (2001), and other countries followed.

The company worked with selected license partners to enter the market. This led to the development of the franchise model, which was introduced in 1998 for independent brokers who want to operate under the Engel & Völkers brand.[11] In advance of this, the typical Engel & Völkers shop concept was developed, the corporate identity was standardized,[12][13] and investments were made in training and further education. One example is the establishment of the in-house Engel & Völkers academy in 1995.[14]

Over the following years, Engel & Völkers focused on further internationalization.[15][16] In 2005, the company entered the US market and has an office in New York City since 2014. In 2006, Engel & Völkers opened its first office in South Africa.

At the end of the 2000s, the company expanded its range of services in the luxury segment. One example of this is its entry into the brokerage of yachts,[17] with private jets being added at times later on. Engel & Völkers also initiated a polo school and organized polo tournaments.[18] To meet the demands of high-net-worth individuals and business clients, the company developed the Engel & Völkers private office division.

In 2008, the company founded Engel & Völkers charity as a non-profit organization, aiming to provide children in West Africa with access to education.[19]

In 2014, real estate financing was added as a further business area and is now a division of the Engel & Völkers group.

Recent developments

In 2018, Engel & Völkers moved into a new headquarters in Hamburg's HafenCity. Several bee colonies were placed on the building's roof. The company estimates that there are around 100,000 honeybees.

During the global COVID-19 pandemic, demand for high-end real estate continued, with an increase in virtual property viewings.[20][21]

In mid-2020, Christian Völkers gradually[22] withdrew from the company's management and moved from the management board to the supervisory board.[23] In 2021, the private equity firm Permira announced it would take a majority stake in Engel & Völkers. The transaction aimed to strengthen Engel & Völkers' market position, particularly by investing in digitalization.[2]

Operations

Group structure

The group's holding company is Engel & Völkers Holding GmbH, based in Hamburg.[24] The company's business activities include investments of all kinds. The operative business is handled by subsidiaries such as Engel & Völkers GmbH in Germany and Engel & Völkers Americas Inc.

Engel & Völkers's majority shareholders are private equity funds of Permira.[25] The shareholding is held through various intermediate companies.

Christian Völkers played a significant role in shaping the company for many years.[26] In August 2020, he resigned as Chief Executive Officer and Chair of the Management Board. Sven Odia,[27] who had been a member of the Management Board since 2014, succeeded him.

Since November 2023, the company has been managed by Jawed Barna.[1] He is the Chief Executive Officer of the entire Engel & Völkers group and Chair of the Management Board.[28] Other members of the Management Board are Ricardo Arends, Rainer Klipp, and Florian Wieser.

Business activities

Engel & Völkers' core business is the brokerage of high-quality residential and commercial real estate.[29] To this end, the Engel & Völkers distribution system and the right to use the trademark are licensed to independent brokers who manage their business autonomously. Engel & Völkers uses a proprietary digital platform for all processes in accounting, marketing, and other areas.

Engel & Völkers' core markets include North America, Canada, Germany, Austria, and Switzerland. Spain, Portugal, and Andorra join these; other core markets are Italy, France, Greece, and the Middle East. South America is also considered a growth region.[30]

In metropolitan areas, major cities, popular tourist destinations, and key economic and financial centers Engel & Völkers also operates offices,[31] known as Market Centers. These are more prominent locations, with up to three hundred real estate agents working there.

In addition to the classic franchise business, Engel & Völkers has granted individual entrepreneurially independent license partners rights to use the brand for further business areas in real estate-related sectors. These include the development of hotel properties ("hotel consulting") and advice on all asset classes in the real estate sector ("investment consulting").[32][33]

Publications

The Grund Genug Verlag publishing house was founded in 1988 and is now a subsidiary of Engel & Völkers.[34] It publishes four times a year the GG (Grund Genug) magazine, which reports editorially on lifestyle topics such as architecture, design, fashion, and travel while showcasing a selection of exclusive properties from the Engel & Völkers portfolio worldwide.

References

  1. ^ a b "Überraschender Chef-Wechsel bei Engel & Völkers". Hamburger Abendblatt (in German). 15 September 2023. p. 23.
  2. ^ a b Köhler, Peter; Leitel, Kerstin (9 August 2021). "Einstieg bei Engel & Völkers: Finanzinvestor Permira investiert in die digitale Transformation" (in German). Retrieved 30 January 2025.
  3. ^ Böschen, Mark (25 August 2021). "Engel & Völkers: Warum der Milliardenmakler sich zum halben Preis verkauft". manager magazin (in German). Retrieved 11 March 2025.
  4. ^ "Deutschlands einziger Global Player". Immobilien Zeitung (in German). No. 9. 2009. p. 10. Retrieved 10 February 2025.
  5. ^ Reiners, Gisela (28 December 2007). "Engel & Völkers feiert sein 30-jähriges Bestehen". Die Welt (in German). p. 37.
  6. ^ "Makler im Luxussegment". Hamburger Abendblatt (in German). 30 June 2014. p. 25.
  7. ^ "Finanzinvestor kauft Mehrheit an Engel & Völkers". Frankfurter Allgemeine Zeitung (in German). 9 August 2021. Retrieved 10 February 2025.
  8. ^ Maximilian Kalkhof (28 December 2017). "Der Ober-Makler: Was bewegt Christian Völkers?". Die Zeit (in German). Retrieved 1 February 2021.
  9. ^ Schwaldt, Norbert (24 October 2010). "Hamburger Pferdefreund". Welt am Sonntag (in German). p. 42.
  10. ^ "Christian Völkers über seine erste Million". Capital (in German). 9 July 2017. Retrieved 1 February 2021.
  11. ^ "Engel & Völkers sucht in Deutschland Franchise-Nehmer". Frankfurter Allgemeine Zeitung (in German). 6 May 1998. p. 28.
  12. ^ "Engel & Völkers: „Shop-Konzept" wird weiter verfolgt. Das Volumen der vermittelten Immobilien ist deutlich gestiegen". Handelsblatt (in German). 2 February 1996. p. 11.
  13. ^ Bergmann, Jens (2018). "Engel & Völkers: Halt dich an die Fibel!". Brand Eins (in German). Retrieved 1 February 2021.
  14. ^ "Beste Werte in besten Händen". Schwäbische Zeitung (in German). 9 November 2018. p. 42.
  15. ^ Schütte, Gisela (7 May 2005). "Engel & Völkers: Expansion im Ausland nach Erfolg mit Franchise-Konzept". Die Welt (in German). p. 38.
  16. ^ Schneider, Michael; Schütte, Gisela (25 July 2005). "Engel & Völkers startet jetzt auch in Südostasien. Der Hamburger Immobilienmakler wächst im Ausland überproportional – 160 Büros auf vier Kontinenten". Die Welt (in German). p. 33.
  17. ^ Thiede, Meite (21 May 2010). "Luxusyachten vom Immobilienmakler". Süddeutsche Zeitung (in German). Retrieved 1 February 2021.
  18. ^ Banuscher, Doris (22 July 2012). "Ganz in Weiß – Polo Cup auf Mallorca". Welt am Sonntag (in German). p. 10.
  19. ^ Antje Katrin Piel (15 December 2017). "Mit Schulbildung den richtigen Weg bahnen" (in German). Deutscher Franchiseverband. Retrieved 10 March 2025.
  20. ^ Ochs, Jutta (13 January 2021). "Engel & Völkers steigert Umsatz trotz Pandemie". Immobilien Zeitung (in German). Retrieved 10 February 2025.
  21. ^ "„Wir konnten 2020 ein absolutes Rekordjahr verzeichnen."". Capital (in German). 12 January 2021. Retrieved 10 February 2025.
  22. ^ Wiktorin, Anne; Kewes, Tanja (9 October 2014). "Die neue Doppelspitze: Ein Duo führt künftig den Immobilienmakler Engel & Völkers". Handelsblatt (in German). p. 47.
  23. ^ "Generationswechsel bei Engel & Völkers". im (immobilienmanager) (in German). 4 September 2019. Retrieved 1 February 2021.
  24. ^ "Unternehmensregister" (in German). Bundesanzeiger Verlag. Retrieved 30 January 2025.
  25. ^ "Finanzinvestor kauft Mehrheit an Engel & Völkers". Frankfurter Allgemeine Zeitung (in German). 9 August 2021. Retrieved 30 January 2025.
  26. ^ Dennis Kremer (31 December 2018). "Ein Haus muss eine Seele haben". Frankfurter Allgemeine Zeitung (in German). Retrieved 1 February 2021.
  27. ^ Gaßdorf, Ulrich (30 October 2020). "Ein Mann für die schönen Immobilien". Hamburger Abendblatt (in German). p. 31.
  28. ^ "Engel & Völkers holt neuen CEO: Jawed Barna wird neuer Group CEO bei Engel & Völkers. Zum 1. November übernimmt er die Position von Sven Odia". im (immobilienmanager) (in German). 14 September 2023. Retrieved 8 December 2023.
  29. ^ Franck, Arnold (13 September 1999). "Engel & Völkers - Expansion mit Exklusivem: Hamburger Aktiengesellschaft bietet bei europaweiter Strategie hochwertige Immobilien und interessante Arbeitsplätze". Die Welt (in German). p. 41.
  30. ^ "Engel & Völkers expandiert nach Südafrika". Immobilien Zeitung (in German). 28 February 2021. Retrieved 14 February 2025.
  31. ^ Schwaldt, Norbert (18 April 2007). "Engel & Völkers baut das Geschäft in den Metropolen aus". Die Welt (in German). p. 23.
  32. ^ "Engel & Völkers gründet Tochtergesellschaft für Hotel Consulting". im (immobilienmanager) (in German). 12 January 2017. Retrieved 11 March 2025.
  33. ^ "Engel & Völkers Investment Consulting: 140,8 Millionen Euro Transaktionsvolumen". Börse am Sonntag (in German). 10 February 2015. Retrieved 27 February 2025.
  34. ^ "Große Wohnungen, noble Villen: Engel & Völkers vermittelt seit 30 Jahren hochwertige Immobilien in aller Welt". Leipziger Volkszeitung (in German). 2 October 2007. p. 11.
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