Christie’s announced on Wednesday that it is selling its luxury real estate subsidiary Christie’s International Real Estate to @properties.
Christie’s is selling Christie’s International Real Estate to real estate brokerage and technology company @properties. It has entered into a long-term global brand licensing agreement with @properties, which is one of the fastest growing luxury brokerage firms in the world.
The new strategy for Christie’s International Real Estate is to build on the company’s success and position it for accelerated growth under the leadership of an industry expert. The acquisition of Christie’s International Real Estate by @properties is expected to close around December 1.
Under the terms of the agreement, Christie’s existing global network of approximately 900 affiliated real estate offices will transfer to @properties, along with Christie’s International Real Estate team members and company-owned brokerage operations.
The new company, which will retain the Christie’s International Real Estate name, will be one of the largest residential brokerage firms in the United States and will allow for further expansion into other markets around the world.
“@properties is one of the largest U.S. luxury real estate firms by sales volume and a clear leader in the field. We chose to bring this new direction to Christie’s International Real Estate for two strategic reasons: first, because @properties has the unique resources and capabilities to invest in building the Christie’s International Real Estate brand (…) ; and second, because it will allow Christie’s to focus its resources on the core priorities of its art and luxury goods business.” said Ben Gore, COO of Christie’s.
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Featured Photo : © Christie’s International Real Estate
