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FINANCIAL NEWS
Emaar delivers Hamptons operations to UK agency
17 Jun 2010
(MENAFN) A statement issued by Dubai’s Emaar Properties said that it has delivered part of the operations of its Hamptons International subsidiary to British estate agency Countrywide, as it focuses on the Middle East and North Africa.
The Arab world’s largest-listed developer will continue to operate Hamptons in the Middle East and North Africa (MENA), while Countrywide will hold the rights to operate the agency in Britain, continental Europe and Asia, the statement said.
But the statement did not specify if Emaar had sold the operations of Hamptons to Countrywide and did not disclose a value for the deal.
Emaar Managing Director, Ahmad Matrooshi, said that the agreement with Countrywide is part of a strategic approach to realign and reposition our property services in key geographic growth areas.
It is worth mentioning that Emaar bought Hamptons in 2006 from Wheelock Properties for $153.3 million as it sought to expand its presence in Europe.
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