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.
For reprint and licensing requests for this article, CLICK HERE.
Stories You May Also Be Interested In
- CBRE Sells U.K Stake
- CBRE's Trammell Crow Deal Represents Shift in Strategy
- Property Management firms
- CB Richard Ellis Arranges Major UK Property Transaction
- CBRE Buys Rival for $2 Billion
- CB Richard Ellis Plans Large Offering
- CBRE Shares Surge on Solid 1Q Revenues
- Street Socks Stock Of CB Richard Ellis