Gulf Sotheby's International Realty has acquired UAE property brokerage Ere Homes in a deal that will see the luxury real estate firm strengthen its resale and leasing divisions, as well as add property management to its offering.
This move will also double Gulf Sotheby's International Realty's staff base and grow its salesforce to over 90 global property consultants, it said in a statement.
With the GCC real estate market softening, Gulf Sotheby's International Realty said it has been in acquisition mode since last year.
George Azar, chairman, Gulf Sotheby's International Realty, said: "This acquisition brings together two like-minded real estate companies that have built their success on the knowledge and capability of their people. It allows us to plug a gap in our respective service offerings to become a leading full-service real estate company in the Gulf region."
Chris Whitehead, Ere Homes' managing partner, will continue to lead the new brokerage division at Gulf Sotheby's International Realty as managing director in charge of the Sales & Leasing division.
The Sotheby's International Realty network currently has more than 18,800 sales associates located in approximately 835 offices in 63 countries and territories worldwide.
Azar added: "2015 was a record year for Sotheby's International Realty transactions, and the brand continues to expand into key markets. With Gulf Sotheby's International Realty having acquired the rights to deliver real estate services in Bahrain, Kuwait, Oman, Saudi Arabia and Qatar, the entire Gulf region is poised for significant growth."
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