Business
CBRE Sell Savills PLC Stake
CBRE Sell Savills PLC Stake.
About this update from Savills Plc
[{"type":"text","content":"\n Savills PLC\n11 January 2007\n\n\n\n\nFor further information:\n\nKenneth Kay Steve Iaco\nSenior Executive Vice Director of Corporate\nPresident and Chief Communications \nFinancial Officer CB Richard Ellis Group, Inc. \nCB Richard Ellis Group, Inc. 212.984.6535\n310.606.4706 \n\n\n\n\n CB Richard Ellis Group, Inc. Sells Savills plc Stake\n at 623 Pence Per Savills plc Share\n\n\nLos Angeles, January 11, 2007 -- CB Richard Ellis Group, Inc. (NYSE:CBG) today\nannounced the sale of the approximately 19% ownership interest in Savills plc\nheld by the Company's wholly-owned subsidiary, Trammell Crow Company.\n\nAt the time CB Richard Ellis announced its acquisition of Trammell Crow Company,\nit also announced its intention to dispose of Trammell Crow Company's interest\nin Savills plc, a real estate services company based in the United Kingdom.\n\nThe disposition was effected through the sale of 25,878,398 shares of Savills\nplc common stock by way of a bookbuild offering managed by Credit Suisse\nSecurities (Europe) Limited, Hoare Govett Limited and Morgan Stanley Securities\nLimited.\n\nCompletion of the transaction is expected to occur on January 17, 2007, subject\nto customary conditions precedent.\n\nThe net pre-tax proceeds from the sale will total approximately $311 million,\nand will be used primarily to reduce the amount of debt that was incurred to\nfinance the acquisition of Trammell Crow Company.\n\n\nAbout CB Richard Ellis\n\nCB Richard Ellis Group, Inc. (NYSE:CBG), an S&P 500 company headquartered in Los\nAngeles, California, is the world's largest commercial real estate services firm\n(in terms of 2005 revenue). With approximately 21,000 employees, the Company\nserves real estate owners, investors and occupiers through more than 200 offices\nworldwide (excluding affiliate and partner offices). CB Richard Ellis offers\nstrategic advice and execution for property sales and leasing; corporate\nservices; property, facilities and project management; mortgage banking;\nappraisal and valuation; development services; investment management; research\nand consulting. Please visit our Web site at www.cbre.com.\n\n\n'Safe Harbor' Statement Under the Private Securities Litigation Reform Act of\n1995:\n\nCertain statements in this release regarding the sale of shares of Savills plc\nare forward-looking statements within the ...