Emaar Properties PJSC, the global property developer, has announced a new deal with Countrywide to expand Hamptons International.
Under the terms of the new agreement, Emaar will continue to operate Hamptons International in the Middle East and North Africa (MENA) region where it has existing or prospective businesses, while Countrywide will own the rights to operate Hamptons International business in the UK, Europe and Asia.
The agreement will enable Emaar to focus on its growth by developing integrated lifestyle communities in its primary markets in the MENA region.
Emaar will continue to operate the Hamptons International offices in the region through its headquarters in Dubai while sharing synergies with Countrywide to promote its projects across the UK and internationally.
Emaar and Countrywide will also work towards creating a unified property services marketing network for prestigious high-end properties across the world by leveraging mutual competencies in their respective core markets.
Mr Ahmad Matrooshi, Managing Director, Emaar Properties, said: “The agreement with Countrywide is part of a strategic approach to realign and reposition our property services portfolio in key geographic growth areas. Our Hamptons International offices in the UAE and MENA region will continue to provide the full spectrum of property services to customers.”
He added: “Over the past year, Emaar has taken several initiatives to strengthen its core competencies as part of a commitment to add long-term value to the shareholders. In the current economic climate, it is important to shift all energies on our key markets, which align perfectly with our overall growth strategy.”
Mr. Grenville Turner, Group Chief Executive, Countrywide, said: “We identified that Hamptons International offers a key growth opportunity, both in the UK and internationally. Hamptons International will continue to operate as a business in its own right and will join a network of 1,200 offices and 43 leading brands, which includes John D Wood & Co and Sotheby’s International Realty. This will enable Countrywide to extend its market coverage and support our plans to capitalise on the opportunities in the prestigious high-end property sector.”
The offices of Hamptons International offer the complete bandwidth of services such as residential property sales, residential and commercial leasing and property management, and services such as valuations, research and feasibility studies, and an independent mortgage consultancy.
Countrywide is the UK's largest estate agency and property services Group, offering an extensive portfolio of integrated property services, which includes estate agency, lettings, mortgage and insurance services, land and new homes, franchising, auctions, surveying, conveyancing and corporate property management services.