Gulf Sotheby’s International Realty, an international luxury real estate firm, and Dubai-based SPF Realty have announced a strategic merger following the former buying a 51 per cent stake in SPF Realty for an undisclosed sum.

The merger will leverage Sotheby’s International Realty world-renowned brand and SPF’s expertise in achieving record-breaking project sales, a statement said.

SPF Realty will rebrand and operate under the Gulf Sotheby’s International Realty brand.

This is a first-of-its-kind merger, making Gulf Sotheby’s International Realty the UAE’s largest real estate company in the market and integrating its Western and Arab clientele with SPF Realty’s large South Asian customer base, said the statement.

The merger will see a 50 per cent increase in Gulf Sotheby’s International Realty’s current broker count and will also embrace two dominant nationalities in the UAE, making it the largest multicultural company totalling over 100 brokers to date, it added.

George Azar, chairman of Gulf Sotheby’s International Realty, said: “Today is a pivotal moment for us bringing on board SPF Realty – a household name. SPF Realty in 2013, hit a target of Dh1.2 billion ($326 million). The company’s performance also saw a record number of 198 villas sold in only 56 days, which is a remarkable number from a local SME (small and medium enterprise).”

Azar continued: “The integration with SPF Realty’s team will enable us to extend our offerings to the Indian Subcontinent’s prime property buyers, led by a team with a noteworthy track record and incredible expertise.”

Ranjeet Chavan, CEO of SPF Realty, said: “We are very excited to formally be a part of the world-renowned Sotheby’s brand as we move to upgrade and expand our Dubai realty experience of over 35 years to reach new markets and new segments. This is an incredible opportunity as the combination of Sotheby’s International Realty global outreach with SPF’s local expertise will push the boundaries for UAE real estate market, when it comes to offering real estate solutions to a much larger customer base.”

Gulf Sotheby’s International Realty has more than 90 global property consultants and connects buyers to sellers globally. The real estate firm represents exclusive properties, luxury homes, and a multitude of prestigious development projects in the UAE recently closing the largest deal in Emirates Hills worth Dh100 million ($27.23 million) last month. - TradeArabia News Service