CB Richard Ellis has announced the closing of the sale of its 19.2% stake in the international property advisor Savills. The US property advisor has sold nearly 25.9 million shares of Savills common stock on the open market through an offering managed by the finance services group Credit Suisse Securities, UK broker Hoare Govett and Morgan Stanley Securities. The net pre-tax proceeds from the sale come to about EUR 239 mln.
CB Richard Ellis has announced the closing of the sale of its 19.2% stake in the international property advisor Savills. The US property advisor has sold nearly 25.9 million shares of Savills common stock on the open market through an offering managed by the finance services group Credit Suisse Securities, UK broker Hoare Govett and Morgan Stanley Securities. The net pre-tax proceeds from the sale come to about EUR 239 mln.
CB Richard Ellis purchased the stake last year through its takeover of Trammell Crow and announced at the time its intention to dispose of Trammel Crow's stake in UK-based Savills. The proceeds will be used primarily to reduce the amount of debt incurred to finance the acquisition of Dallas-based real estate service provider Trammell Crow, CBRE said in a press release.
The EUR 1.7 bn merger completed last December included EUR 1.46 bn in equity plus transaction and integration costs and the assumption of Trammell Crow's corporate debt.
Already the largest commercial real estate services company, CBRE said the acquisition marked a significant milestone in the company's 100-year history and boosted its 2006 revenues to about EUR 3.39 bn.
