CB Richard Ellis Group Inc. sold its 19 percent stake in Savills Plc, the United Kingdom's largest publicly traded commercial real estate brokerage, netting more than $313 million from the sale.
The El Segundo-based real estate firm sold all of its 25.9 million shares at $12.12 each, Savills said.
CB Richard Ellis acquired the stake as part of its acquisition of Dallas-based Trammell Crow Co. last year and said at the time of the acquisition that it planed to sell the shares. It was not known if Savills bought any of the shares.
Shares in CB Richard Ellis were up 55 cents to $34.80 in midday trading Thursday.
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