LONDON - Real estate adviser Savills has acquired Cluttons’ Middle East operations, in a move that will see the company establish its first wholly-owned business in the region.

Previously, the London-headquartered property firm was only represented in the Middle East via associate companies, it said in an official statement on Monday.

“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, in a statement.

“The acquisition of Cluttons Middle East geographically links our European and Asian business by enhancing our EMEA platform,” he said.

All 190 members of staff — based across seven locations in the Gulf — are to be transferred to Savills. The business will be rebranded during to the course of the year, with the existing Middle East team to continue to lead the region’s business lines.

Cluttons has had a presence in the Middle East for more than 40 years, offering agency, management and consultancy advice in both the commercial and residential sectors.

“This acquisition by Savills is an incredibly positive and exciting opportunity for all Cluttons Middle East clients and employees as it will merge our regional expertise with Savills global capabilities,” said Steven Morgan, chief executive at Cluttons Middle East.

“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,” he added.

Copyright: Arab News © 2018 All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

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