One of Ireland's biggest estate agencies, Hamilton Osborne King, is to be taken over by London-based property group, Savills.
The company is being bought for €50m. Hamilton Osborne King's 250 staff were told about the deal at a meeting this morning.
Hamilton Osborne King has been operating in Ireland for over 50 years and has both commercial and residential businesses. It has built up the international aspect of its business in recent years, having acquired and disposed of almost €5 billion worth of overseas properties for Irish investors
The company said it took the decision to sell to Savills to bring its international investment and development business to a new level and to take advantage of a global network of property, contacts, expert staff and resources.
HOK's managing director, Paul McNieve, said that it was a strong price and that over half the proceeds of the deal would be payable immediately. He said that all 20 directors at HOK are committed to the company's future.
Savills is listed on the London Stock Exchange and employ 14,500 people in 112 offices around the world.
