Press Release: February 19, 2010
Capita Symonds - part of The Capita Group Plc - has acquired commercial property management specialists NB Real Estate for £10m on a cash-free, debt-free basis. An additional contingent deferred consideration of up to £10m will be payable on the achievement of certain performance targets.
The deal will give Capita Symonds a unique full service proposition across the real estate lifecycle, bringing front end advisory and acquisition, and ongoing property and estates management expertise, to its existing multidisciplinary project design, development and management capabilities.
Established in 1982, NB Real Estate has grown to a £45m turnover multi-component property services business specialising in commercial property and asset management, facilities management, corporate and investment advisory, acquisitions, sales, and property leasing. The company - which has 562 staff across offices in London, Manchester and Edinburgh - works with investment funds, property companies, institutions and occupiers in the office, retail and industrial sectors to maximise the investment and operational value of their real estate.
NB Real Estate currently has more than 100 million square feet of assets under management including 150 retail parks; 4000 properties; 45 shopping centres; and a total of 13,000 tenants. Key clients include Aegon, AXA REIM, LaSalle Investment Management, Sainsburys, Royal Mail, and RBS.
Mark Norris, Executive Director, Capita Symonds, says: 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.
Our multi-faceted offering will enable us to engage with clients at a programmes inception, providing a full integrated service across the whole project and investment lifecycle, and also an integrated single-source property asset management service to both new and existing clients, characterised by recurring revenue streams and long term business to business relationships, he adds.
Michael Hatt, Chief Executive, NB Real Estate, says: 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.
The deal is another significant acquisition for Capita Symonds and its seventh in under two years. The acquired business will continue to trade as NB Real Estate during 2010 as a trading name of Capita Symonds, fully supported by Capita Group.
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Karl BlockwellKarl Blockwell
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