Savills plc and Trammell Crow Company said they have agreed to strengthen their commitments to the international strategic alliance they established in July 2000 for the purpose of providing each company´s customers access to the commercial real estate services capabilities of the other.
The amended strategic alliance agreement has a term extending through 2008 and, among other things, provides for a Strategic Evaluation Team, comprised of employees of both companies, to administer and promote the alliance.
As part of the agreement, Trammell Crow Company has subscribed for additional equity in Trammell Crow Savills Ltd, the corporate real estate outsourcing company jointly owned by Trammell Crow Company and Savills.
As a result of its purchase of the newly issued shares, Trammell Crow Company now owns more than 95 pct of Trammell Crow Savills, with the remaining shares continuing to be owned by Savills. Trammell Crow Company will re-brand the joint venture 'Trammell Crow Company,' thereby providing real estate outsourcing services to corporate customers in the Americas, Europe and Asia under one common brand.
Trammell Crow continue to be Savills´ largest shareholder, owning approximately 10 pct of Savills´ outstanding shares.
Source: Freeman News