Savills has acquired Cluttons Middle East for an undisclosed fee, and confirmed that all 190 jobs are safe.
London-based real estate advisor Savills completed its acquisition of Cluttons Middle East on 31 May and confirmed the deal on 4 June.
Cluttons Middle East will be rebranded to Savills within the next six months.
Through its takeover of Cluttons Middle East, Savills has secured stronger market access to the Middle East, which has been a “strategic target” for the London Stock Exchange-listed business for years.
Cluttons employs 190 staff across seven locations in the Middle East, including the UAE, Bahrain, Egypt, Oman, and Saudi Arabia. The company has worked in the region for more than 40 years, providing advice and consultancy services to commercial and residential real estate sectors.
“The Middle East region is key to the global economy and its continued economic development, increased government investment and a young population will continue to accelerate its significance.” said Savills’ deputy group chief executive, Mark Ridley.
“The acquisition of Cluttons Middle East geographically links our European and Asian business by enhancing our EMEA [Europe, Middle East, and Asia] platform. With a market leading position, and strong local leadership, we will be able to offer a high quality service to both existing and new clients, as we look to expand our platform of services.”
Savills’ “formal associations” with regional business partners will “come to an end” as a result of the takeover. But the realty adviser said it hoped to cooperate with former partners in the future.
“Despite economic headwinds across the region in recent years, Cluttons Middle East has grown from strength to strength and Savills’ acquisition is testament to our current position in the market,” said Cluttons Middle East chief executive, Steven Morgan.
“This acquisition by Savills is an incredibly positive and exciting opportunity for all Cluttons Middle East clients and employees as it will merge our regional expertise with Savills global capabilities. We are confident that the new consolidated offering will enable Savills to become a market leader in the region from the outset and we look forward to introducing the new brand to our clients and the wider market in the Gulf.”
While the two companies heaped praised the acquisitions, Savills’ share price dropped 1% when news of the takeover went public.