Savills has acquired Hamilton Osborne King (HOK), the largest firm of commercial property advisors in Ireland for €50m (£34m).
Savills bought the company through its wholly owned subsidiary Savills (Overseas Holdings).
The payment will consist of €26.4m (£18m) of cash on completion with the balance of €23.6m (£16m) being a combination of loan notes redeemable over a period of 36 months and distributions to senior personnel in HOK.
This acquisition is being funded from Savills’ cash balances.
HOK, which has a staff of 250 based in Dublin, Cork, and an associated office in Limerick specialises in the retail and residential markets.
For the year ended 30 September 2005, HOK reported a turnover of €35.7m (£24.3m) and pre-tax profit of €7.8m (£5.3m), before charging non-recurring remuneration in the year of €4.7m (£3.2m).
As at 30 September 2005 the company had gross assets of €22.1m (£15m).
Savills said the acquisition was in accordance with its strategy of expanding its European operations.
HOK will continue to trade as HOK for the near future. Paul McNeive and Aidan O’Hogan will continue as managing director and chairman respectively.
Aubrey Adams, Chief Executive of Savills, comments: “This is an important strategic acquisition for Savills as the HOK business model fits perfectly within our Group, and will provide a platform from which we can service the growing number of Irish based developers and investors who are looking for further opportunities in the European property sector.”
References: EGi News 13/06/06
