REG - Savills PLC - Proposed Acquisition of Minority Interest

SavillsAnnouncement

26/07/2018 11:25

RNS Number : 8906V
Savills PLC
26 July 2018
 


26 July 2018
 
Proposed Acquisition of Minority Interest in DRC Capital LLP
 
Adding strategic debt investment capability to Savills Investment Management platform
Savills 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.
Founded 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.
Dale Lattanzio, CEO and Managing Partner of DRC will join the Board of Savills Investment Management on completion.  
The consideration will be funded from Savills existing cash and banking facilities.
The acquisition is subject to regulatory approvals. Subject to these approvals, the transaction is expected to close in the third quarter of 2018.
Nick Cooper, Chairman of Savills Investment Management, said:
"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." 
For further information please contact:
 
Savills                                                                                                     Tel: +44 20 7499 8644 
Nick Cooper, Chairman, Savills Investment Management,
Simon Shaw, Group Chief Financial Officer, Savills plc
 
Peter Hewer, Tulchan Communications                                                    Tel: +44 20 7353 4200




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