Acquisition

RNS Number : 3001J

Savills PLC

29 March 2010

 



29 March 2010

Savills plc

Acquisition of Incoll Management Pty Limited

by Savills ( Australia) Pty Limited

Savills plc ("Savills"), the international real estate advisor, today announces that its wholly owned subsidiary, Savills (Australia) Pty Limited ("Savills Australia") has agreed to acquire Incoll Management Pty Limited ("Incoll"), an Australian Project Management and Building Consultancy business, for AUS$13m (£8m).

Incoll provides project management solutions for clients across Australia and in Singapore in relation to commercial, industrial, office and infrastructure projects. Established in 1993 by Greg Incoll, its managing director the business generated profit before tax of AUS$1.85m (£1.16m) in the year to 30 June 2009 from revenues of AUS$24m (£15m). Post completion, Incoll will be merged with Savills Australia's established specialist project management business to create a stronger business in Australia, with the aim, over time, of expanding it further across Savills Asia Pacific network. The newly combined business will be lead by Greg Incoll.

Incoll had gross assets of AUS$3m (£1.875m) as at 30 June 2009.

All consideration payments will be settled in cash out of existing resources, including debt facilities.

Jeremy Helsby, Group Chief Executive said "We are delighted that Greg and his team will be joining Savills Australia.  Incoll Management, already a very successful project management business, will strengthen our business and provide a platform for expansion in the region." 

 - Ends -

For further information, please contact:

Tulchan Communications

[phone]

John Sunnucks

Peter Hewer

 

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