First Pacific is to sell one-third of its interest in London-based property consultant Savills in a deal worth US$21.7 million. Under the terms of the deal, First Pacific will sell 10 per cent of Savills to the North American commercial real-estate company Trammell Crow to boost Savills' international profile. First Pacific will sell 6.25 million Savills shares to Trammell Crow for GBP2.225 (about HK$26.53) per share. This is a 15 per cent premium on the shares' average closing price in London during the previous 30 trading days. After completion of the transaction, First Pacific's interest will decline to 19.9 per cent. In March, the property agent announced it had sold its Asian real-estate arm First Pacific Davies to Savills in a deal worth HK$429 million. The strategic alliance will enable the establishment of global cross-referral arrangements between Trammell Crow and Savills, and the formation of an outsourcing company. Savills has also granted Trammell Crow the right to further shares in the company. Michael Healy, chief operating officer and finance director of First Pacific, said the alliance with Trammell Crow would place the two companies in a better position to meet the increasingly global requirements of clients across the property and facility management services markets. 'The alliance with Trammell Crow . . . is a positive and further development of this capability,' he said. Savills managing director Aubrey Adams said the alliance gave the company coverage in the world's largest real-estate market.