Thursday 12th June 2008
Savills cuts losses on wind farm
Property adviser Savills has sold its share of a wind farm joint venture to the co-founder of the business, Dutch renewable energy company Koop Duurzame Energie. Koop Duurzame paid £23 million for Savills' 50 per cent stake in the venture.
Infinergy was established in 2003 to identify sites in the UK to develop wind farms. Savills says it is selling the business, which made a pre-tax loss of £2 million last year and is yet to receive planning permission for a site, as it is 'non-core' to its operations.
The proceeds of the sale, which Savills will re-invest in its operations, will be paid in three instalments. On completion £4 million was paid, a further £9 million is due in October with the balance to be satisfied in December next year.
Savills chief executive Jeremy Helsby says that after five years Koop will be able to take Infinergy to its next level of its development.
Savills was established in 1855 and today has more than 200 offices and associates throughout the Americas, Europe, Asia Pacific, Africa and the Middle East. In the year to January 2008, it made a pre-tax profit of some £17 million.
Mark Dunne
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