UK agency to run part of Emaar’s Hamptons
Dubai, June 17, 2010
Dubai's Emaar Properties handed over part of the operations of its Hamptons International subsidiary to UK 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 own the rights to operate the agency in Britain, continental Europe and Asia, it said in a statement.
The statement did not specify if Emaar had sold the operations of Hamptons to Countrywide and did not give a value for the deal. Executives at Emaar could not be immediately reached for comment.
'The agreement with Countrywide is part of a strategic approach to realign and reposition our property services in key geographic growth areas,' Emaar managing director Ahmad Matrooshi said in the statement.
Emaar bought Hamptons in 2006 from Wheelock Properties for Dh563 million ($153.3 million) as it sought to expand its presence in Europe.
Emaar shares closed 1 per cent higher at Dh3, in line with Dubai's bourse which rose 0.8 per cent. – Reuters