CBRE Sell Savills PLC Stake
Savills PLC
11 January 2007
For further information:
Kenneth Kay Steve Iaco
Senior Executive Vice Director of Corporate
President and Chief Communications
Financial Officer CB Richard Ellis Group, Inc.
CB Richard Ellis Group, Inc. 212.984.6535
310.606.4706
CB Richard Ellis Group, Inc. Sells Savills plc Stake
at 623 Pence Per Savills plc Share
Los Angeles, January 11, 2007 -- CB Richard Ellis Group, Inc. (NYSE:CBG) today
announced the sale of the approximately 19% ownership interest in Savills plc
held by the Company's wholly-owned subsidiary, Trammell Crow Company.
At the time CB Richard Ellis announced its acquisition of Trammell Crow Company,
it also announced its intention to dispose of Trammell Crow Company's interest
in Savills plc, a real estate services company based in the United Kingdom.
The disposition was effected through the sale of 25,878,398 shares of Savills
plc common stock by way of a bookbuild offering managed by Credit Suisse
Securities (Europe) Limited, Hoare Govett Limited and Morgan Stanley Securities
Limited.
Completion of the transaction is expected to occur on January 17, 2007, subject
to customary conditions precedent.
The net pre-tax proceeds from the sale will total approximately $311 million,
and will be used primarily to reduce the amount of debt that was incurred to
finance the acquisition of Trammell Crow Company.
About CB Richard Ellis
CB Richard Ellis Group, Inc. (NYSE:CBG), an S&P 500 company headquartered in Los
Angeles, California, is the world's largest commercial real estate services firm
(in terms of 2005 revenue). With approximately 21,000 employees, the Company
serves real estate owners, investors and occupiers through more than 200 offices
worldwide (excluding affiliate and partner offices). CB Richard Ellis offers
strategic advice and execution for property sales and leasing; corporate
services; property, facilities and project management; mortgage banking;
appraisal and valuation; development services; investment management; research
and consulting. Please visit our Web site at www.cbre.com.
'Safe Harbor' Statement Under the Private Securities Litigation Reform Act of
1995:
Certain statements in this release regarding the sale of shares of Savills plc
are forward-looking statements within the meaning of the ''safe harbor''
provisions of the Private Securities Litigation Reform Act of 1995. These
forward-looking statements involve risks and uncertainties that could cause the
actual results, performance or achievements of CB Richard Ellis to be materially
different. Any forward-looking statements speak only as of the date of this
release and, except to the extent required by applicable securities laws, CB
Richard Ellis expressly disclaims any obligation to update or revise any of them
to reflect actual results, any changes in expectations or any change in events.
If CB Richard Ellis does update one or more forward-looking statements, no
inference should be drawn that it will make additional updates with respect to
those or other forward-looking statements. For additional information concerning
factors that may cause actual results to differ from those anticipated in the
forward-looking statements, and risks to CB Richard Ellis' business in general,
please refer to the Company's Annual Report on Form 10-K for the fiscal year
ended December 31, 2005, its Quarterly Report on Form 10-Q for the quarter ended
September 30, 2006, and its press releases and other periodic filings with the
Securities and Exchange Commission. Such filings are available publicly and may
be obtained off the CB Richard Ellis website at www.cbre.com or upon request
from the CB Richard Ellis Investor Relations Department at
investorrelations@cbre.com.
End
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