Capita completes £10m purchase of NB Real Estate
Capita Symonds has confirmed that it has bought NB Real Estate Group for £10m on a cash-free, debt-free basis.
An additional deferred payment of up to £10m will be payable on the achievement of certain performance targets.
Paul Pindar, chief executive of parent company Capita Group, said: “The acquisition of NB Real Estate provides Capita with an important additional growth opportunity in the property services marketplace.
“The continuing pressure on public service spending and the wider UK economy will drive more organisations to consider more innovative and efficient ways to manage their property assets and the NB Real Estate operation is well placed to fulfil this demand.”
Mark Norris executive director at Capita Symonds, added: “The NB Real Estate and Capita Symonds businesses are highly complementary in terms of differing client bases as well as professional services.
“The pressure on public sector spending and the wider UK economy will continue to drive organisations to consider more innovative and cost efficient ways of managing their property assets, and this acquisition provides an excellent platform for the enlarged business to take advantage of this market opportunity.”
NB Real Estate chief executive Mike Hatt said: “The deal will provide a platform for significant growth across all of our service lines from sustainability, through asset, property and facility management, to our agency and investment teams. I think our clients and staff will benefit enormously.”
Capital said that NB Real Estate would continue to trade under its own brand this year while is being fully integrated into Capita Symonds.
NB Real Estate made an operating profit of £2.3m on turnover of £44m in the year to 30 September 2009.
http://www.youtube.com/capitasymonds#p/a/u/0/J0TwjYIcbVQ
samantha.mcclary@estatesgazette.com
Capita Symonds has confirmed that it has bought NB Real Estate Group for £10m on a cash-free, debt-free basis.
An additional deferred payment of up to £10m will be payable on the achievement of certain performance targets.
Paul Pindar, chief executive of parent company Capita Group, said: “The acquisition of NB Real Estate provides Capita with an important additional growth opportunity in the property services marketplace.
“The continuing pressure on public service spending and the wider UK economy will drive more organisations to consider more innovative and efficient ways to manage their property assets and the NB Real Estate operation is well placed to fulfil this demand.”
Mark Norris executive director at Capita Symonds, added: “The NB Real Estate and Capita Symonds businesses are highly complementary in terms of differing client bases as well as professional services.
“The pressure on public sector spending and the wider UK economy will continue to drive organisations to consider more innovative and cost efficient ways of managing their property assets, and this acquisition provides an excellent platform for the enlarged business to take advantage of this market opportunity.”
NB Real Estate chief executive Mike Hatt said: “The deal will provide a platform for significant growth across all of our service lines from sustainability, through asset, property and facility management, to our agency and investment teams. I think our clients and staff will benefit enormously.”
Capital said that NB Real Estate would continue to trade under its own brand this year while is being fully integrated into Capita Symonds.
NB Real Estate made an operating profit of £2.3m on turnover of £44m in the year to 30 September 2009.
http://www.youtube.com/capitasymonds#p/a/u/0/J0TwjYIcbVQ
samantha.mcclary@estatesgazette.com
