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.

That 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.