More deals to follow as it looks to take advantage of soft market conditions in GCC

Dubai, United Arab Emirates - 12th April 2016

Gulf Sotheby's International Realty has acquired UAE real estate brokerage ERE HOMES in a full buy-out that closed on 10 April 2016. The deal 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.

With the GCC real estate market softening, Gulf Sotheby's International Realty has been in acquisition mode since last year; a strategy the company plans to continue in 2016.

Established in 2010, ERE HOMES has developed into one of the UAE's leading real estate brokerage firms. Gulf Sotheby's International Realty was attracted to the award-winning firm for its similar people-centric approach to management and operations, its robust data-backed sales processes and strong track record of success.

"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. ERE HOMES, headed by the talented and accomplished Chris Whitehead, will add great value to Gulf Sotheby's International Realty and assure us a major position in the market," said George Azar, Chairman, Gulf Sotheby's International Realty.

ERE HOMES' Managing Partner and real estate industry veteran Chris Whitehead will continue to lead the new brokerage division at Gulf Sotheby's International Realty as Managing Director in charge of the Sales & Leasing division.

"We are honored that our reputation, services, and processes have been recognized by one of the world's leading real estate networks and are looking forward to improving our capabilities as part of the Gulf Sotheby's International Realty team," said Chris Whitehead.

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. The network was designed to connect the finest properties to the most prestigious buyers and investors in the world.

"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," added George Azar.

-Ends-

For more information, contact
Name: Aya Hassan, Mojo PR
Phone: +97156 953 0334
Email: aya@mojo-me.com

Gulf Sotheby's International Realty prides itself in upholding a name and franchise renowned for reverential heritage and years of expertise and successful sales of precious possessions and prestigious properties from around the world. Through its affiliation with Sotheby's, one of the world's largest brokers of fine and decorative arts, jewelry, and collectibles, and Sotheby's International Realty®, the most prestigious real estate brand, Gulf Sotheby's International Realty is able to collaborate with discerning clients and represents the most sought-after luxury properties and developments in the GCC. Gulf Sotheby's International Realty's membership in the global Sotheby's International Realty® affiliate network empowers the firm to represent properties to its reputed connections and partners worldwide, which comprise more than 18,800 sales associates located in approximately 835 offices in 63 countries and territories.

© Press Release 2016