Chris Dougray and David Smith have operated the business for nearly a decade. The firm acts as a development, funding and investment advisor on large projects, including offices, hotels, build to rent (BTR), co-living and student housing. It serves a wide range of developer, loan servicer and public sector clients.
The firm, which operates out of Edinburgh and Glasgow, will be integrated into the CBRE UK advisory business, with Dougray assuming the role of executive director, head of development, Scotland and Smith becoming executive director and head of the Glasgow office.
Joint founder Dougray said: “We are genuinely excited about the opportunities which joining forces with CBRE offers, both in Scotland and beyond as we utilise the premier global capabilities that CBRE can offer.”
Fellow company founder Smith added: “Combining our expertise with CBRE’s market leading Scotland business will enable us to offer a broader variety of services to both our longstanding and new clients.”
Ciaran Bird, divisional president, advisory services, and chief executive UK & Ireland, said: “This is an exciting acquisition for our Scottish business, which will bolster our capabilities across a variety of sectors.
“Chris and David are leading professionals with a strong track record and deep client relationships, and it gives me great pleasure to welcome them to the firm. We have now completed three acquisitions this year, as we continue to enhance our services and secure the strongest talent in the market.”
Since its inception, Dougray Smith has advised on a number of high-profile transactions, including the sale of the Haymarket site in Edinburgh, the disposal of the 3.6-acre Candleriggs site in Glasgow city centre, as well as the forward funding of two pre-let hotels at Custom House Glasgow for around £80 million and a 259-apartment BTR development in Birmingham.
Last month, CBRE released a report which revealed that Scotland’s two largest cities held onto their top five spots among the leading tech locations in the UK outside of London.
Glasgow retained its position within the top three tech cities, according to the firm’s UK Tech Cities report. Edinburgh came in at number five.