United Business Media will also take control of Housing Today, Building Services Journal, events such as the World Architecture Awards and the Brick Awards, and the Barbour Index, which is used by the building industry for information on construction, health and safety.
The company says that the business will fit with its existing trade publications such as Property Week and Building Design, part of its CMP Information division.
Lord Clive Hollick, chief executive of UBM, said that the acquisition was financially and strategically attractive.
"Following up on the recent acquisition of Property Media and the Interior Design Handbook, this move is further evidence of our ambition to build our professional media business in the UK. In 2004, these three acquisitions, with a total consideration of £83.25m, are expected to contribute operating profits of some £9m," he said.
Building magazine was founded in 1843 and is one of the most respected trade titles in the UK, being named business magazine of the year in 2002 and the best-edited weekly business magazine by the British Society of Magazine Editors in 1999 and 2001.
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