Thursday, June 17, 2010
Countrywide, the UK's largest estate agency and property services Group, has today announced the acquisition of Hamptons International, and rights to expand across key locations including the UK, Europe and Asia.
The agreement includes the global business operations of Hamptons International, one of the premier international residential agencies, and its network of more than 80 branches in the UK and overseas, with rights to further expand the world-renowned brand globally.
The acquisition forms a key part of Countrywide's strategic plan to further expand into the prestigious high-end property market, following the recent purchase of the Sotheby's International Realty franchise in the UK.
Grenville Turner, Countrywide Group Executive, said: "This acquisition is a major breakthrough for both companies - they are a perfect fit. We identified that Hamptons International offers a key growth opportunity and we recognise the quality of its brand, its people, its branch locations and international credentials.
"Countrywide has a proven track record of growing and investing in strong businesses, which speaks volumes in terms of what we can offer Hamptons International. This acquisition will extend our market coverage and support our plans to capitalise on the opportunities in the prestigious high-end property sector."
Hamptons International will continue to operate as a business in its own right and will join Countrywide's network of 1,200 offices and 43 leading estate agency brands, which includes John D Wood & Co., and Sotheby's International Realty.
Shakeel Barok, Acting Managing Director of Hamptons International, said: "This news marks an exciting new era for Hamptons International to continue to expand and diversify our business. The strength and breadth of Countrywide's services and infrastructure will enable Hamptons International to continue to drive its vision and business strategy forward. This collaboration highlights the value and reputation of the Hamptons International brand within the market. There is strong synergy between the two companies and I look forward to working together to extend our market reach."
The sale was agreed with Dubai-based Emaar Properties, which will continue to operate Hamptons International in the Middle East and North Africa, with Countrywide owning the rights to expand globally.
Countrywide is the UK's largest estate agency and property services Group, employing more than 9,000 staff, and its extensive portfolio of property services includes estate agency, lettings, mortgage and insurance services, land and new homes, franchising, auctions, surveying, conveyancing and corporate property management services.
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