Cavendish Maxwell, the UAE’s leading real estate advisory and largest property valuation firm, has announced that it will be acquiring a majority stake in real estate technology and market intelligence specialists Property Monitor.
This acquisition marks the first move from Cavendish Maxwell in establishing a real estate innovation hub aimed at bridging the gap between traditional expertise and artificial intelligence (AI)-enabled disruptive solutions. This in turn will significantly benefit the clients of both companies.
On the strategic buy, Group CEO Chris Taylor said: "Cavendish Maxwell and Property Monitor have always enjoyed a close-working, mutually beneficial partnership. This acquisition will allow both companies to accelerate and amplify these benefits internally, but more importantly for both their clients."
"This is also the first step by Cavendish Maxwell in creating a real estate innovation hub for the UAE real estate sector, which will aim at creating hybrid valuation solutions and accelerating the development of data-powered measurement and decision-making tools for its clients," he stated.
"The growth of proptech solutions in the market will only accelerate and Cavendish Maxwell intends to be at the heart of it," he added.
Property Monitor’s CEO Henri Bacha said: "2022 has been a record year for our company in terms of revenue, number of clients and overall adoption of our leading market intelligence product ‘PMiQ’. It has also seen the launch of our suite of property technology solutions, which are gaining traction with brokers, surveyors, developers, banks and portfolio managers alike."
"We are very excited to offer our real estate innovation and big data expertise to the Cavendish Maxwell group, and proud of the trust they have put in us to further the adoption of proptech solutions in the different markets where they operate" he stated.
As per the agreement, Bacha will take on new responsibilities within Cavendish Maxwell as Group Chief Commercial Officer, whilst maintaining his current role with Property Monitor.
Property Monitor’s COO, Zhann Jochinke, too will see his responsibilities increase as he assumes the position of Director of Market Intelligence & Research within the Group.-TradeArabia News Service