14 September 1998
FIRST PACIFIC DAVIES' SAVILLS AFFILIATE BUYS EUROPEAN PROPERTY AGENCY
First Pacific Davies Limited announced today that Savills plc, its 20 per cent held UK-based affiliate, has acquired a 51 per cent stake in the European subsidiaries of British property consultants Weatherall Green & Smith (WGS) for GBP3.2 million.
The acquisition enhances the European presence of FPDSavills -- the brand under which Savills operates and which First Pacific Davies will adopt later this year -- in addition to its strong existing franchises in Asia and the UK.
WGS's European offices, which are located in the German cities of Frankfurt, Berlin, Dusseldorf, Munich and Essen, as well as Madrid and Paris, will adopt the FPDSavills name in November. The operation, which will be 49 per cent owned by management, recorded pre-tax profit last year of GBP0.95 million.
David S. Davies, Chairman of First Pacific Davies, said: "This transaction represents a major step in the development of our European business through our stated strategy of acquiring substantial stakes in companies which will trade as FPDSavills. This acquisition will form the core for further expansion of the Group's European activities which already include a presence in the Netherlands, Italy, Switzerland, Greece, Ireland, Finland, Denmark and Sweden."
First Pacific Davies is a wholly-owned subsidiary of First Pacific Company Limited.
ENDS
For further information please contact:
| David S. Davies Chairman First Pacific Davies Limited on (852) 2842-4428 | Victoria Mitchell Head of FPDSavills International on (44) 171-409-8840 |
| © Copyright 1996-2008 irasia.com Ltd. All rights reserved. Tel: (852) 2831-9792. |
|
DISCLAIMER: irasia.com Ltd makes no guarantee as to the accuracy or completeness of any
information provided on this website. Under no circumstances shall irasia.com Ltd be liable
for damages resulting from the use of the information provided on this website.
TRADEMARK & COPYRIGHT: All intellectual property rights subsisting in the contents of this website belong to irasia.com Ltd or have been lawfully licensed to irasia.com Ltd for use on this website. All rights under applicable laws are hereby reserved. Reproduction of this website in whole or in part without the express written permission of irasia.com Ltd is strictly prohibited. TERMS OF USE: Please read the Terms of Use governing the use of our website. |