Savills boosted by strong Asian activity and London office boom

City A.M. Reporter
PROPERTY firm Savills yesterday said pretax profits rose 21 per cent in 2012, beating analyst expectations, helped by strong deal activity in Asia as well as buyer demand for plush offices and homes in central London.

Savills said gross underlying profit before tax for the year to the end of December rose to £60.8m from £50.4m in 2011. Group revenue increased 12 per cent to £806.4m.

The growth was led by Asia Pacific, where government efforts to cool housing markets in areas such as Hong Kong drove buyers towards commercial property.

Savills also said it had benefited from strong appetite for office property in London, driven by investors seeking safe havens from global economic turmoil. Profits in the UK grew 11 per cent.