Savills buys Australia's Incoll Management

29th Mar 2010 07:56

Real estate advisor Savills has agreed to buy Incoll Management, an Australian project management and building consultancy business, for AUS$13m (£8m). All consideration payments will be settled in cash out of existing resources, including debt facilities, the group said.Incoll, which provides project management solutions for clients across Australia and in Singapore, generated pre-tax profits of AUS$1.85m (£1.16m) in the year to 30 June 2009 from revenues of AUS$24m (£15m). The business had gross assets of AUS$3m (£1.875m) as at 30 June 2009.Amid completion of the deal, Incoll will be merged with Savills Australia's established project management business to create a stronger business in Australia, with the aim, over time, of expanding it further across Savills Asia Pacific network. The newly combined business will be lead by Incoll founder Greg Incoll. Chief executive Jeremy Helsby said "We are delighted that Greg and his team will be joining Savills Australia. Incoll Management, already a very successful project management business, will strengthen our business and provide a platform for expansion in the region."