Property

Gulf Sotheby’s acquires majority stake in SPF Realty

Going forward, SPF will rebrand and operate under Gulf Sotheby’s International Realty

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International luxury real estate firm Gulf Sotheby’s International Realty (GSIR) has announced that is has acquired a majority stake in SPF Realty (SPFR). Both businesses will merge moving forward, and will result in a 50% increase in GSIR’s broker count.

The merger will also see the integration of GSIR’s Western and Arab clientele with SPFR’s large South Asian customer base. As per a statement from GSIR, the merger will make Gulf Sotheby’s International Realty the largest real estate company in the market.

George Azar, chairman of Gulf Sotheby’s International Realty said, “Today is a pivotal moment for us as we bring on board SPF Realty – a household name. SPF Realty in 2013, hit target of $327m. The company’s performance also saw a record number of 198 villas sold in only 56 days, which is a remarkable number from a local SME.”

Azar continued, “The merger ultimately stems from the decision to continue leading the UAE luxury property sector and to extend our global expertise to a new generation of luxury home buyers from South Asia. The integration with SPF Realty’s team will enable us to extend our offerings to the Indian subcontinent’s prime property buyers, led by a team with a noteworthy track-record and incredible expertise. The merger creates a multicultural company leading in size and strength offering a wide range of services to a multitude of markets in the UAE.”

GSIR has over 90 global property consultants and connects buyers to sellers globally. The firm deals in exclusive properties, luxury homes, and prestigious projects in the UAE. The firm recently closed the largest recorded deal in Dubai’s Emirates Hills, said to be worth $27m.

Ranjeet Chavan, CEO of SPF Realty added, “We are very excited to formally be a part of the world renowned Sotheby’s brand as we move to upgrade and expand our Dubai realty experience of over 35 years to reach new markets and new segments. This is an incredible opportunity as the combination of Sotheby’s International Realty global outreach with SPF’s local expertise will push the boundaries for UAE real estate market, when it comes to offering real estate solutions to a much larger customer base.

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