Savills Share News (SVS)

London real estate advisor Savills said it has completed the acquisition of US commercial real estate services firm Studley in a deal worth up to $246m. Savills, which currently earns less than 1% of its revenue in the US, is paying for the acquisition with a combination of cash, notes and shares. New York-based real estate brokerage Studley, which has 25 offices around the US, is expected to boost Savill's earnings in the first year. The newly combined US business will be re-branded Savills Studley and is being seen not only as platform for growth in the US, but will also increase Savill's offering to clients worldwide.Savills Chief Executive Officer Jeremy Helsby said he had seen a sharp increase in commercial properties sold in Europe by foreign investors.FTSE-250 listed Savills also announced that Studley has agreed to sell its 49.06% interest in AOS Partners, a French EMEA-focussed project management business, to the founding shareholder of AOS Studley. This follows the announcement at the start of May that the AOS Studley interest would be held as an asset for sale. The sale, which is subject to conditions, is due to complete this summer, Savills explained. CJ