Savills acquires Cluttons Middle East real estate business
International real estate advisor Savills has completed the acquisition of Cluttons Middle East, a leading real estate consultancy business in the region.
The acquisition will see Savills take full ownership of Cluttons Middle East, a business which has been established in the region for more than 40 years.
The business, which will be rebranded Savills during 2018, employs 190 staff in seven locations throughout the region, providing agency, management and consultancy advice in both the commercial and residential sectors.
Cluttons Middle East’s 190 strong team will transfer to Savills global platform with immediate effect. The full retention of Cluttons Middle East leadership team and employees will ensure clients not only continue to benefit from the same regional expertise but also benefit from Savills global platform.
The region has been a strategic target for Savills, and the acquisition sees Savills establish its first wholly owned business in the Middle East having previously been represented by associates in the region.
The firm said that the business in the Middle East provides a vital bridge between Savills expanding European business and its established Asian operation, further strengthening Savills global coverage. 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.
‘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. With a market leading position, and strong local leadership, we will be able to offer a high quality service to both existing and new clients as we look to expand our platform of services,’ he added.
With offices across the United Arab Emirates, Bahrain, Egypt, Oman and Saudi Arabia, Cluttons Middle East is regarded as the most established real estate advisory business in the region, servicing a large portfolio of clients ranging from international corporate and institutional investors, to private individuals and families. The company has built its market leading reputation working on some of the region’s landmark residential, office, retail and industrial projects.
‘Despite economic headwinds across the region in recent years, Cluttons Middle East has grown from strength to strength and Savills acquisition is testament to our current position in the market,’ said Steven Morgan, chief executive at Cluttons Middle East.
‘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. 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.