New business branded as Savills will bridge expanding European business and Asian operation
Cluttons Middle East has been acquired by international real estate advisor Savills. The deal was completed on May 31 and Savills notes that it will retain all 190 members of staff, including Cluttons Middle East’s leadership team and all its employees. Savills says the move will allow clients to continue benefiting from Cluttons’ regional expertise coupled with Savills global platform.
According to a statement from Savills, the Middle East is a strategic target and the acquisition enables the firm to establish its first wholly owned business in the region. It was previously represented by associates in the region.
The new business, branded only as Savills, will act as a bridge between the firm’s expanding European business and its established Asian operation. The firm says the acquisition will further strengthen its global coverage.
“The Middle East region is key to the global economy and its continued economic development, increased government investment and a young population will continue to accelerate its significance. The acquisition of Cluttons Middle East geographically links our European and Asian business by enhancing our EMEA platform. With a market leading position, and strong local leadership, we will be able to offer a high-quality service to both existing and new clients as we look to expand our platform of services,” said Mark Ridley, Savills’ deputy group chief executive.
The acquisition of Cluttons Middle East will mean that Savills’ formal association with its existing partners will come to an end, however the firm notes that it expects to continue working with its former partners in the future.
The existing Cluttons Middle East team including Steven Morgan, chief executive, Harry Goodson-Wickes, head of Northern Gulf, Murray Strang, head of Dubai, Ed Carnegy, head of Abu Dhabi, Suzanne Eveleigh, head of Sharjah, Ihsan Kharouf, head of Oman and Richard Paul, head of Professional Services will continue to lead the business going forward.
Steven Morgan, chief executive at Cluttons Middle East, commented, “Despite economic headwinds across the region in recent years, Cluttons Middle East has grown from strength to strength and Savills acquisition is testament to our current position in the market. This acquisition by Savills is incredibly positive and an exciting opportunity for all Cluttons Middle East clients and employees, as it will merge our regional expertise with Savills global capabilities. We are confident that the new consolidated offering will enable Savills to become a market leader in the region from the outset and we look forward to introducing the new brand to our clients and the wider market in the Gulf.”