Lambert Smith Hampton to by DNG Commercial
A UK property firm has bought the commercial arm of one of the best known estate agents in the country.
Lambert Smith Hampton has acquired Douglas Newman Good Commercial.
DNG Commercial, which was set up in 1993, specialises in property management and agency work. It is said to generate revenue of some €45m a year and manages more than 2m sq ft of assets.
Key clients include AIB, Bank of Ireland, Grant Thornton, NAMA, State Street and Tesco.
The deal does not effect DNG's residential operation.
Edmund Douglas, who set up DNG Commercial, will remain in charge of the enlarged Dublin business. LSH's Dublin chief Peter Rowan has left the business.
LSH chief executive Ezra Nahome commented: "It is no secret that Lambert Smith Hampton is on a mission to create the most progressive commercial property agency in the UK and Ireland. We have been investing selectively in areas such as retail agency and property management over the past 18 months, where we are seeing considerable demand for our services. Bringing Douglas Newman Good Commercial into the Group is perfectly aligned with this strategy, building on our acquisitions of BTWShiells and Tushingham Moore and giving us critical mass in markets where there is significant potential."
Edmund Douglas said: "We are excited to join one of the fastest growing and most dynamic commercial property consultancies. Lambert Smith Hampton has become a major force in retail agency and retail property management and has ambitious plans to grow its operations further; I am delighted to be part of that initiative."
Keith Shiells, who runs the Lambert Smith Hampton's Irish business, addded: "We have been an active part of the commercial property market in Ireland for many years and have considerable confidence about the country's prospects.
"The addition of Douglas Newman Good Commercial strengthens our existing offer and I look forward to working closely with Edmund to continue to expand the support we are able to offer clients," Mr Shiells said.
LSH already has a business in the Republic but its operations in Northern Ireland are much bigger.
The firm has acted for numerous blue chip clients, including private equity giant Cerberus. The firm acts as letting agents including the Victoria Square shopping centre in Belfast, a 921,000 sq ft property with around 100 separate tenants, including Apple.