International property advisor Savills has ended its strategic alliance with Dallas-based real estate service provider Trammell Crow Company after the closing of the acquisition of TCC by rival CB Richard Ellis.
International property advisor Savills has ended its strategic alliance with Dallas-based real estate service provider Trammell Crow Company after the closing of the acquisition of TCC by rival CB Richard Ellis.
Already the largest commercial real estate services company, Los Angeles-based CB Richard Ellis said the transaction, valued at $2.2 bn (EUR 1.6 bn), marked a significant milestone in the company's 100-year history. 'Adding Trammel Crow Company's talented professionals and proven capacities to our global platform will enable us to improve our service delivery to clients and continue our drive for excellence,' said Brett White, president and ceo of CR Richard Ellis.
TCC provides integrated outsourcing solutions to many corporate players in the US and the combined company with CBRE will provide services to more than 85% of the Fortune 100.
Savills is understandably less enthusiastic about the deal. It formed an alliance with TCC in 2000 to help expand TCC's business in Europe and Asia.
Now TCC's EMEA division has offices in the UK and France and it services clients across a portfolio of 2.2 million m2 over 27 countries. TCC also holds near to a 20% stake in Savills. CB Richard Ellis has already announced this interest will be sold off, probably to the tune of EUR 224 mln.
TCC's directors on Savills' board, William Concannon and Derek McClain, have resigned, Savills said.
