Savills Regulatory News (SVS)

11 Jan 2007 14:11

Savills PLC11 January 2007 For further information: Kenneth Kay Steve IacoSenior Executive Vice Director of CorporatePresident and Chief Communications Financial Officer CB Richard Ellis Group, Inc. CB Richard Ellis Group, Inc. 212.984.6535310.606.4706 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) todayannounced the sale of the approximately 19% ownership interest in Savills plcheld 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 interestin 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 Savillsplc common stock by way of a bookbuild offering managed by Credit SuisseSecurities (Europe) Limited, Hoare Govett Limited and Morgan Stanley SecuritiesLimited. Completion of the transaction is expected to occur on January 17, 2007, subjectto 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 tofinance the acquisition of Trammell Crow Company. About CB Richard Ellis CB Richard Ellis Group, Inc. (NYSE:CBG), an S&P 500 company headquartered in LosAngeles, California, is the world's largest commercial real estate services firm(in terms of 2005 revenue). With approximately 21,000 employees, the Companyserves real estate owners, investors and occupiers through more than 200 officesworldwide (excluding affiliate and partner offices). CB Richard Ellis offersstrategic advice and execution for property sales and leasing; corporateservices; property, facilities and project management; mortgage banking;appraisal and valuation; development services; investment management; researchand consulting. Please visit our Web site at www.cbre.com. "Safe Harbor" Statement Under the Private Securities Litigation Reform Act of1995: Certain statements in this release regarding the sale of shares of Savills plcare forward-looking statements within the meaning of the ''safe harbor''provisions of the Private Securities Litigation Reform Act of 1995. Theseforward-looking statements involve risks and uncertainties that could cause theactual results, performance or achievements of CB Richard Ellis to be materiallydifferent. Any forward-looking statements speak only as of the date of thisrelease and, except to the extent required by applicable securities laws, CBRichard Ellis expressly disclaims any obligation to update or revise any of themto reflect actual results, any changes in expectations or any change in events.If CB Richard Ellis does update one or more forward-looking statements, noinference should be drawn that it will make additional updates with respect tothose or other forward-looking statements. For additional information concerningfactors that may cause actual results to differ from those anticipated in theforward-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 yearended December 31, 2005, its Quarterly Report on Form 10-Q for the quarter endedSeptember 30, 2006, and its press releases and other periodic filings with theSecurities and Exchange Commission. Such filings are available publicly and maybe obtained off the CB Richard Ellis website at www.cbre.com or upon requestfrom the CB Richard Ellis Investor Relations Department atinvestorrelations@cbre.com. End This information is provided by RNS The company news service from the London Stock Exchange