Business
Acquisition of Minority Interest
Acquisition of Minority Interest.
About this update from Savills Plc
[{"type":"text","content":"\n \nRNS Number : 8892V Savills PLC 26 July 2018 \n\n26 July 2018\n \nProposed Acquisition of Minority Interest in DRC Capital LLP\n \nAdding strategic debt investment capability to Savills Investment Management platform\nSavills plc (\"Savills\"), one of the world's leading real estate advisory firms, announces the proposed acquisition by Savills Investment Management of a 25% interest in DRC Capital LLP (\"DRC\"), a leading European investment advisor of real estate debt funds. In addition, the partners of DRC have granted Savills Investment Management a call option to acquire the remaining 75% interest in DRC on the third anniversary of the completion of the initial transaction. \nFounded in 2012, DRC is a specialist real estate debt investment advisor with current AUM of £2.0bn comprising a series of High Yield, Senior and Whole Loan funds.\nDale Lattanzio, CEO and Managing Partner of DRC will join the Board of Savills Investment Management on completion. \nThe consideration will be funded from Savills existing cash and banking facilities.\nThe acquisition is subject to regulatory approvals. Subject to these approvals, the transaction is expected to close in the third quarter of 2018. \nNick Cooper, Chairman of Savills Investment Management, said:\n\"DRC is a high-quality investment advisory firm and this transaction represents an exciting opportunity to add real estate debt products to our portfolio of capabilities. This will enhance our service to clients of the Group seeking income focused investment opportunities in European real estate.\" \nFor further information please contact:\n \nSavills Tel: +44 20 7499 8644 \nNick Cooper, Chairman, Savills Investment Management, \nSimon Shaw...