Real estate broker Savills completed the take-over of property consultancy Cluttons Middle East, which will allow the London-listed company to have its first wholly-owned unit in the region.
Savills didn’t disclose the value of the transaction.
The deal, which was completed on May 31, includes the full retention of Cluttons Middle East’s 190 staff, Savills said in an emailed statement on Monday. The business will be rebranded Savills during this year.
“This new Savills business in the Middle East provides a vital bridge between Savills expanding European business and its established Asian operation, further strengthening Savills global coverage,” the company said. “Savills has developed some strong relationships with its associates in the region over many years and while the formal associations will come to an end, the firm expects to continue cooperating with its former partners in the future.”
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The property markets in the UAE, which slumped over the past three years as oil prices plunged, is expected to recover by next year as oil prices rebound, the economy grows faster, and real estate demand in run-up to the Expo 2020 Dubai accelerates.
“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,” said Mark Ridley, Savills Deputy Group Chief Executive.
“The acquisition of Cluttons Middle East geographically links our European and Asian business by enhancing our EMEA platform.”
Cluttons Middle East has offices in the UAE, Sharjah, Bahrain, Oman and Saudi Arabia, while Savills has a network of more than 600 offices and associates throughout the Americas, the UK, continental Europe, Asia Pacific, Africa and the Middle East. The firm employs 35,000 staff across the globe.
