Private equity sells LSL Property stake
BPE, which backed the York-based group's management buyout from Norwich Union in 2004 with a 42.5m injection, said it generated returns of more than 13 times its original investment.
BPE sold its remaining 13m shares on Monday for 27m at a price of 208p per share.
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Hide AdThat followed gains of more than 140m on LSL's flotation in 2006.
"BPE is selling its remaining shares in LSL, having held these for four years post-float," said Phil Griesbach, director at BPE.
"We have generated a great return for our investors and are confident that LSL's excellent management team will continue to successfully grow the business."
LSL has grown to become the second-largest estate agency group in the UK, and also has the largest surveying operation.
Shares in LSL yesterday closed up 2.8 per cent at 211.7p.