Commercial property consultancy sold for £38m

Countrywide, the UK’s largest property group, has sold commercial real estate consultancy Lambert Smith Hampton (LSH) to John Bengt Moeller for £38 million.

The company says the sale of LSH, which has Midlands offices in Bimingham, Lincoln, Northampton and Nottingham, will “significantly” improve its capital structure and allow it to reduce its net debt.

The deal is subject to shareholder approval and is expected to complete on 31 December 2019.

Peter Long, executive chairman of Countrywide, said: “The sale of the Lambert Smith Hampton commercial business strengthens the Group. Once completed, we believe that the Group will be in a more advantageous position in our core residential market. The Group remains on course to deliver a full year result in line with the Board’s expectations.”