CB Richard Ellis has offloaded its 19% stake in Savills for around £160m

Several institutions are understood to have acquired the shares, which are priced at 623p each, through brokers Morgan Stanley, Credit Suisse and Hoare Govett.

CBRE has said it will use the proceeds from the sale to reduce the debt it raised to buy Trammell Crow.

CBRE assumed ownership of the stake after taking over Savills’ former strategic partner, Trammell Crow, in October last year. It announced it would sell Trammell Crow’s shares in Savills at the time of the takeover.