Countrywide has announced it is to sell commercial property consultancy Lambert Smith Hampton (LSH) for £38m.
Countrywide acquired Lambert Smith Hampton in 2013 and is now set to sell the business to John Bengt Moeller.
LSH advises on £16bn of property a year and manages over 7,700 properties and operates in over 40 locations across the UK.
Commenting on the sale, executive chairman of Countrywide, Peter Long, 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 deal is subject to approval by shareholders and is expected to be completed by the end of the year.
Ezra Nahome, CEO, at LSH added: “We have had a great six-year journey being part of the Countrywide Group Plc, and we are excited to enter 2020 with our new owner, who is fully behind our long-term vision and strategy.
“We look forward to driving disruption in our sector through the use of technology, innovation and data.”