The acquisition marks Savills' first wholly owned business in the Middle East, where it was previously represented by associates
International real estate advisor Savills has acquired Cluttons Middle East, a long-established real estate consultancy business in the Gulf, it was announced on Monday.
The deal, which was completed on May 31, will see Savills take full ownership of Cluttons, which will be re-branded as Savills by the end of the year. Cluttons’ entire leadership team and employees have been retained.
According to Savills, the Middle East has long been a strategic target for the firm. The acquisition of Cluttons marks Savills’ first wholly owned business in the region, where it was previously represented by associates.
“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 Mark Ridley, Savills deputy group chief executive.
“The acquisition of Cluttons Middle East geographically links our European and Asian business by enhancing our EMEA platform.”
Cluttons has offices in the UAE, Bahrain, Egypt, Oman and Saudi Arabia.
“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 Steven Morgan, Cluttons Middle East chief executive.
“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.”
Morgan added that the firm is “confident that the new consolidated offering will enable Savills to become a market leader in the region from the outset.”