CB Richard Ellis Group Inc. closed the sale of its 19 percent stake in Savills plc, the United Kingdom's largest public real estate company.
The El Segundo-based real estate services giant acquired the more than 25 million shares of Savills with its purchase of Dallas-based Trammell Crow Co. last year. CB Richard Ellis earlier announced its intention to eventually sell the shares
CB Richard Ellis said pre-tax proceeds from the sale totaled approximately $311 million and primarily will be used to reduce the debt incurred to finance the $2.2-billion Trammell Crow purchase.
CB Richard Ellis shares rose 14 cents to $36.05 in midday trading Wednesday.
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