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LONDON, March 26 (Reuters) - Shares in British propertyconsultancy Savills fall 7.4 percent and traders say aplacement of 7.8 million shares by Credit Suisse isweighing on the stock.
One trader says the shares were placed at 535 pence, againstthe current price of around 534 pence. According to ThomsonReuters data, the placement accounts for around 5.9 percent ofSavills's business.
The Wall Street Journal reported that the placement wascarried out on behalf of private equity firm Oaktree CapitalGroup. Trading volume in Savills stock is 290 percent ofits 90-day daily average.
"Very little volume trading for a stock that has had such alarge placing and is usually highly illiquid. Either the newowner(s) of the block insisted on a steep discount, or tradersare speculating that the broker is wearing a portion of this," aLondon based trader says.
Oaktree is the majority owner of Countrywide Holdings, Britain's largest estate agency by revenue, whichenjoyed a strong return to the market last week.
It is also among Savills' biggest shareholders, afterinvestment firms Artisan Partners, Franklin EquityGroup and Savills's employee share scheme, according to ThomsonReuters data. Artisan Partners and Franklin Equity respectivelyown 10.8 percent and 10.2 percent, the data showed.
Savills reported a 21 percent increase in 2012 pretaxprofits on March 14, boosted by strong deal activity in Asia anddemand for upmarket homes and offices in centralLondon.
Savills and Credit Suisse decline to comment while OaktreeCapital are not immediately available for comment. (Reporting By Toni Vorobyova and David Brett; Additionalreporting by Brenda Goh; Editing by Tom Pfeiffer)
