finance

Commercial property business sold in £38m deal



Property group Countrywide has sold its commercial property consultancy arm Lambert Smith Hampton in a £38m deal.

The sale of the business, which operates in Scotland from an office in Edinburgh, is part of moves to strengthen its finances.

The Lambert Smith Hampton business has been bought by businessman John Bengt Moeller, founder of Great Global Holdings which is a holding company for a number of UK and international commercial property companies.

In addition to the sale agreement, Countrywide has agreed an amended credit facility with its lenders.  The group said the new facility provides it with the financial flexibility to execute its turnaround plan “while operating in what continues to be a challenging and uncertain market environment”.

Countrywide chairman Peter Long said:

“The sale of the Lambert Smith Hampton commercial business strengthens the group.  Once completed, we believe that the group will be in a more advantageous position in our core residential market.  The group remains on course to deliver a full year result in line with the board’s expectations”



READ SOURCE

Leave a Reply

This website uses cookies. By continuing to use this site, you accept our use of cookies.  Learn more