Capita completes NB Real Estate purchase
Published: 21 February, 2010
Capita Symonds, part of the Capita Group, has bought the commercial property management specialist NB Real Estate for £10m. The deal is part of Capita's drive to create a multi-disciplinery practice covering the full real estate lifecycle.
NB Real Estate, founded in 1982 as Nelson Bakewell, has grown to a £45m turnover property services business specialising in commercial property and asset management, facilities management, leasing and investment agency.
It has 562 staff across offices in London, Manchester and Edinburgh with more than 100 million sq ft of assets under management including 45 shopping centres and 150 retail parks. Key clients include Aegon, Axa , LaSalle Investment Management, Sainsbury’s, Royal Mail, and RBS.
Capita Symonds executive director Mark Norris said: “The NB Real Estate and Capita Symonds businesses are highly complementary in terms of differing client bases as well as professional services. The pressure on public sector spending and the wider UK economy will continue to drive organisations to consider more innovative and cost efficient ways of managing their property assets, and this acquisition provides an excellent platform for the enlarged business to take advantage of this market opportunity.”