British property adviser Savills Plc said today it had bought Irish commercial and retail property agent and auctioneer Hamilton Osborne King for €50 million.
Savills, which has a network of offices and associates throughout Europe, the Americas and Africa, said it was acquiring the Dublin-based firm using its own cash reserves.
Hamilton Osborne King is the largest firm of commercial property advisers in Ireland and a leader in the Irish retail market, where it has a dominant position in the shopping centre sector, Savills said in a statement.
The company, with offices throughout Ireland and around 250 staff, notched up sales of almost €36 million in the year to end-September and a pretax profit of €7.8 million.