First Pac to sell property stake

First Pacific is in the process of selling its 19.8% stake in Savills PLC, the UK-based global estate agent.

First Pacific got its 19.8% stake after Savills merged with First Pacific Davies, the Asian real estate business. Savills has 80 offices in 25 countries.

The sale is being executed via First PacificÆs long time adviser ING Barings as well as ABN AMRO.

The deal should close within the next few days with the stake reckoned to be worth around $47 million. The sale is being executed through the markets rather than to a single buyer.

A First Pacific spokesperson said the sale was part of the groupÆs efforts to focus its investments purely on Asia.