"CBRE was acquired in 2006 as part of moves to boost the groups revenues.
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Dawn Properties (Dawn) has announced its intention to dispose of its real estate firm CB Richards Ellis (Private) Limited (CBRE) to the company management.
The property company said it has given CBRE management a six month period to come up with a buyout plan for the firm.
“Pursuant to this strategy, on June 6, 2011the board approved the disposal of CB Richard Ellis and management has given exclusivity for six months to come up with a viable proposal to acquire the business,” group chairman Tendai Chimuriwo said in the company’s financial results for the year ended March 2011.
Dawn also said it would be disposing of its agro business as part of its focus on core business.
“This is a unique business that requires specialist skills and an intense oversight. It is considered that the energies of the board and those of senior management should be concentrated on our core business,” Chimuriwo, who is also chairman of construction group Costain, said.
CBRE was acquired in 2006 as part of moves to boost the groups revenues.
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