Emaar acquires top UK realtor for $153 million

Emaar Properties,has signed a Share Purchase Agreement with Singapore mainboard-listed Wheelock Properties to acquire its UK-based subsidiary, Hamptons International in an all-cash deal worth Dh562.45 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.?

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.

Commenting on the impact of the acquisition on Emaar?s own property management arm, Emaar Property Services, Alabbar said: ?The acquisition of Hamptons will complement EPS, which can derive synergy from the international expertise of the company by sharing best practices. In an increasingly competitive market place, it is critical to have top-notch expertise that cuts across geographies. Hamptons has a robust sales force and system that can help catapult Emaar?s projects globally and provide invaluable access to an extensive database of high net worth individuals.?

Hamptons recently reported a significant profit increase before tax to Dh52.73 million for the nine-month period to March 2006, which was delivered through financial restructuring, divestment of non-core business activity, the expansion of its international office network, new internal systems, strategic alliances and a joint venture with the world?s largest commercial agent, CB Richard Ellis.