Countrywide has agreed to sell its commercial property arm Lambert Smith Hampton (LSH) as it looks to strengthen its financial position.
LSH will be sold to John Bengt Moeller for a fee of £38m – Countrywide said the price represents a multiple of 6x Lambert Smith Hampton’s Adjusted EBITDA.
Moeller is chair of Great Global Holdings (GGH) a holding company for several UK and international companies.
Ezra Nahome, chief executive of LSH, said: “We will become a well-capitalised and debt free business with a long-term international investor, GGH, who is fully behind our long-term vision and strategy.
“We will have complete ownership and control of our future destination, with the ability to react more quickly to market change and opportunity.”
Peter Long, executive chairman of Countrywide, 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.”
LSH was acquired by Countrywide in 2013.