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LONDON (Alliance News) - Real estate advisory firm Savills PLC Monday said it has traded in line as anticipated during the first four months of 2014, recording growth in the UK, and a robust performance in both Asia and Continental Europe.
The property-services company said its US business has an improved pipeline and Cordea Savills, its investment management businesses, has traded in line with expectations in terms of revenue and profit growth.
Savills has recently taken steps to add to its US arm through the acquisition of Studley Inc, a US commercial real estate services firm specialising in rental tenant representation, in a deal worth USD260 million in cash, promissory notes and Savills shares.
The deal is expected to be completed on May 30.
Savills said in Asia Pacific its business has performed in line with expectations. The Japanese arm has continued to grow as a result of the sustained strength of the Tokyo commercial investment market. Meanwhile in mainland China, despite a slow down in transaction markets, revenue and earnings have grown in line with its expectations due to the growth of its property management business.
In addition, the company said its consultancy arm has experienced continued revenue growth boosted by the UK development consultancy division and the UK/Continental European Valuation consultancy division.
Savills shares were trading down 0.2% at 624.00 pence Monday morning.
By Anthony Tshibangu; anthonytshibangu@alliancenews.com; @AnthonyAllNews
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