Hercules Property Services is to buy London residential property management company Gross Fine for £13.2m.
As part of the deal, Hercules will also be acquiring Gross Fine’s freehold offices in London’s West End for another £2m in cash.
Hercules, which also owns agent Dunlop Baker Lorenz, recently expanded into residential property management by buying Wood Managements, which specialises in managing London flats.
Gross Fine, which will retain its brand name, manages residential properties in Kensington & Chelsea, Westminster and Mayfair. It made a pre-tax profit for the year ending 30 April 2001 of £17,641, from a turnover of around £3.1m, said Hermes.
Larry Lipman, Chairman of Hercules, said: “Gross Fine is one of London’s best known brand names in residential property management. This deal is a significant step for Hercules in the expansion of our residential property management interests. Following this acquisition, we will manage over 40,000 units of residential property in the UK, making us a significant force in the sector.”
EGi News 08/03/02
