CB Richard Ellis has announced the closing of the sale of its 19.2% stake in the international property advisor Savills. The US property advisor has sold nearly 25.9 million shares of Savills common stock on the open market through an offering managed by the finance services group Credit Suisse Securities, UK broker Hoare Govett and Morgan Stanley Securities. The net pre-tax proceeds from the sale come to about EUR 239 mln.
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