Dubai: Gulf Sotheby’s International Realty has acquired SPF Realty, the Dubai-based property services firm, in one of the biggest such deals in the local real estate space. The latter, which has been associated with several high-profile property launches in the past, will now rebrand and now operate under the Gulf Sotheby’s name. The value of the deal has not been revealed.
The move, announced on Sunday, will make Gulf Sotheby’s the “UAE’s largest real estate company in the market, integrating its Western and Arab clientele with SPF Realty’s large South Asian customer base”, it said in a statement.
The process will also see a 50 per cent increase in Gulf Sotheby’s broker count, totalling 100 plus. The agency recently confirmed completing a Dh100 million deal for a villa at Emirates Hills.
“SPF Realty in 2013 hit target of Dh1.2 billion,” George Azar, Chairman of Gulf Sotheby’s, said in a statement. “The company’s millions to billions performance also saw a record number of 198 villas sold in only 56 days, which is a remarkable number from a local SME.
“There is no company in the market that has undergone this type of merger. This further solidifies Sotheby’s position in the market.”
For information on the real estate sector within the UAE, please visit our sister site, getthat.com.