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British Land sells third-party property management portfolio to Savills

Reuters - UK Focus

May 9 (Reuters) - Property development company British Land (LSE: BLND.L - news) Company Plc said on Wednesday it was selling the third-party portfolio within its property management business Broadgate Estates to real estate agents Savills Plc (Stuttgart: 1YZ.SG - news) .

The terms of the deal were not disclosed but British Land said it expected to transfer around 160 employees to Savills as part of the deal.

The company said the portfolio comprises contracts to manage 28 locations in London and Liverpool for 14 clients. (Reporting by Sangameswaran S in Bengaluru; editing by Patrick Graham)