International real estate advisor Savills has completed the acquisition of real estate consultancy Cluttons Middle East.
The acquisition deal, which was completed on 31 May, will see Savills take full ownership of Cluttons Middle East
Cluttons Middle East’s 190 strong team will transfer to Savills global platform with immediate effect.
The business will be re-branded Savills during 2018.
Mark Ridley, Savills deputy group chief executive, said: “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.
“The acquisition of Cluttons Middle East geographically links our European and Asian business by enhancing our EMEA 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.”
Steven Morgan, chief executive at Cluttons Middle East, said: “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. 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.”