NB Real Estate Bought Out For £10m

Capita Symonds has announced that it has bought NB Real Estate Group for £10m on a cash-free, debt-free basis. Furthermore, an additional deferred payment of up to £10m will be payable considering certain performance targets will be achieved. The chief executive of parent company Capita Group, Paul Pindar, stated that the acquisition of NB Real Estate is a real opportunity for Capita Symonds to grow even further 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. Mike Hatt, chief executive of NB Real Estate said stated that the deal will provide a platform for a significant growth across all of the company’s service lines from sustainability, through asset, property and facility management, to agency and investment teams. NB Real Estate will 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.