Savills, which earlier this year celebrated its 150th birthday, is the UK's largest property consultancy and a FTSE 250 company. The firm's 2004 results included a 47% rise in profits to euro 73.7 million ($95.6 million) on turnover of euro 481.4 million ($625 million). The firm also has a reputation for paying out the biggest bonuses of all the consultancies.

"We have worked closely with TCC over the past five years," Savills chief executive Aubrey Adams says. "Since May 9, 2003, TCC has had an option to increase the stake to an agreed 20%, which they are now exercising. The move by TCC demonstrates their confidence in the strength of our business and the opportunities for us in the global property market."

"Our decision to increase our shareholding in Savills is an endorsement of Savills' strategy and prospects," believes Robert E. Sulentic, Trammell Crow Co.'s chairman and CEO. "Our initial stake has increased in value several-fold. While increasing our stake through the mechanism of the option required us to pay a premium to market, there was no clear path to increasing our ownership to this extent in the near term through market purchases. With the option set to expire in May, we did not want to pass on the opportunity."