Date: Tuesday 26 Mar 2013
LONDON (ShareCast) - High Street estate agents Savills was providing a drag on the real estate sector on Tuesday on rumours of a stake sale.
Various news sources had cited traders as saying that Credit Suisse was placing nearly eight million shares in Savills at up to 545p each, below Monday’s close of 576p.
Shares were down over 7.0% at 535p before the close of trade today.
The sale, which represents a stake of 5.8-5.9%, was carried out on behalf of Oaktree Capital, the private equity group that it among Savills’ largest shareholders.
The reports come just two weeks after the company’s impressive set of full-year results for 2012, which were boosted by improving markets and strategic acquisitions.
Savills' share price has risen 35% (including today’s fall) over the past six months.
The FTSE 250 firm said on March 14th that pre-tax profit jumped 36% to £54.2m for the year ended December 31st while revenue for the year gained 12% to £806.4m.
Elsewhere in the sector, Great Portland Estates, Shaftesbury, Primary Health Properties and Hammerson were also lower.
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Bottom performing sectors so far today
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BC
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