Singapore, Asharq Al-Awsat- Global real estate major, Emaar Properties (“Emaar”) has signed a Share Purchase Agreement with Singapore mainboard-listed Wheelock Properties (Singapore) Ltd (“Wheelock Properties”), a property investor and developer with a focus on luxury residences, to acquire its UK-based subsidiary, Hamptons International (“Hamptons”) in an all-cash deal worth AED 562.45 million (US$153.05 million / UK Pound Sterling 82 million).
Hamptons, UK’s premier realtor and property management consultant, is a 100 per cent owned subsidiary of Wheelock Properties. Hamptons has more than 1,000 staff and sells, lets and manages over 15,000 properties every year. The acquisition covers Hamptons’ UK offices and its joint venture with CB Richard Ellis Hamptons International in the UK and Hamptons International Oman.
Emaar will be filing notification of the intended deal with the Financial Services Authority (FSA).
“The acquisition of Hamptons, which follows our recent buy of the second largest private home builder in the US, John Laing Homes, is a forward vertical integration for Emaar and a reiteration of our Vision 2010 to become the most valuable group in the world,” said Mohamed Ali Alabbar, Chairman, Emaar Properties.
He added: “The deal scales up our core competencies in product sales in the international arena and takes Emaar’s market presence beyond the Middle East and North Africa (MENA) region, the Indian Subcontinent and North America to include Europe, and thus, practically the entire Western hemisphere. The acquisition extends our global outreach and will build our international network of offices to over 130 by year 2009.”
Mr Alabbar noted that Hamptons, with over 130 years of experience in buying, selling, leasing and mortgage brokerage in a number of international markets, will be a strong strategic partner for Emaar.
“Emaar can leverage on Hamptons’ global pool of customers to further broaden the group’s base of international clientele whilst Hamptons can capitalise on Emaar’s global presence to extend its reach and establish itself as a leading global brand in property sales, management, and development services,” he said.