LSL Property Services has sold its remaining stake in Zoopla Property Group according to a City report.
LSL - which includes High Street brands Your Move and Reeds Rains - had over the summer disposed of almost 7.8m shares in ZPG, leaving 3.5m; these have now been disposed of in the six weeks up to October 31.
The proceeds of the transaction will be used to "reduce corporate indebtedness and for other general corporate purposes" according to the statement.
Last week Jefferies downgraded LSL's status to its investor clients from 'Buy' to 'Hold' and in August LSL - in a trading statement - said that while sales transaction volumes grew substantially in the first quarter of the year across all its brands and throughout the country thanks to activities ahead of the stamp duty surcharge deadline, “Q2 saw a slowing down of transaction volumes in the run up to the EU referendum.”
LSL said it did not expect market conditions to improve sufficiently enough to meet previous financial expectations for the full-year.
In September the troubled Countrywide group sold its remaining shares in ZPG: this raised £29.2m to pay down debt and “for other general corporate purposes”.