Capita Symonds, the property arm of business services group Capita, has acquired NB Real Estate for £10 million. 

Capita Symonds, the property arm of business services group Capita, has acquired NB Real Estate for £10 million.

NB Real Estate offers property consultancy services and generated turnover of £44 million in the year to September 2009. The company employs 560 staff and has offices in London, Manchester and Edinburgh.

Paul Pindar, chief executive of Capita, says: ‘The continuing pressure on public service spending and the wider UK economy will drive more organisations to consider more innovative and efficient ways to manage their property assets and the NB Real Estate operation is well placed to fulfil this demand.’  

At the end of last year, Capita bought telecoms business Synetrix for £75 million, and made another four acquisitions in 2009. In the six months ending June, the London-based company reported an increase in revenue of 11 per cent to £1.3 billion, while pre-tax profits were up by 18 per cent to £141.7 million.