Sotheby’s expanding in Europe

New York /
Apr.April 02, 2008 04:34 PM

Sotheby’s International Realty Affiliates said it entered licensing agreements to expand in Germany, Italy and four other European markets, as part of a plan to grow its overseas real estate business.

The agreements come at a critical time for the Parsippany, N.J.-based Sotheby’s International, a division of Realogy Corp., as the weak U.S. dollar and tight credit in the U.S. real estate market is forcing brokers to look overseas for new buyers.

“These agreements will solidify our growth in six critically important locations throughout the coming years, and help us build significant momentum in Europe, where we are continuing to grow in key luxury markets,” said Michael Good, chief executive of Sotheby’s International, in a statement.

The agreements call for 25-year licensing deals in Hamburg and Westphalia, Germany; Venice, Italy; Greece; the Czech Republic and Slovakia.

G&G Immobilien GMBH & Co. KG will develop Sotheby’s International in Hamburg, under the name Hamburg Sotheby’s International Realty, which is slated to open in May.

NRW Immobilien GmbH has signed an agreement for Northern Westphalia under the name NRW Immobilien Sotheby’s International Realty.

The group’s first office is set to open in May in Essen, followed by a Dusseldorf office in July.

Venice Estates signed an agreement to develop Venice Estates Sotheby’s International Realty, and will convert its existing offices to the new name by May.

First Mediterranean Investments agreed to develop the brand in Greece starting in April. The firm will operate as Greece Sotheby’s International Realty.

Corpia Group will develop the Sotheby’s International brand in Slovakia by June, under the name Corpia Sotheby’s International Realty. Corpia will also open the Czech Republic Sotheby’s International Realty Office in October.

Sotheby’s International has 9,000 sales associates in 470 offices across 29 countries.


Related Articles

arrow_forward_ios
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
 Fredrik Eklund and the property (Getty, Steve Frankel)
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Gordon Ramsey and his Lucky Cat restaurant (Lucky Cat)
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Floor & Decor CEO Thomas Taylor and 4 Henry St in Commack (Floor & Decor and Google Maps)
Floor & Decor moving into site of shuttered Target in Commack
Floor & Decor moving into site of shuttered Target in Commack
Photo Illustration of Donald Trump (Illustration by Kevin Rebong for The Real Deal)
Treasury Department must give Trump’s tax returns to Congress: DOJ
Treasury Department must give Trump’s tax returns to Congress: DOJ
Anderson Cooper is selling the apartment of his late mother Gloria Vanderbilt (Getty, Corcoran)
Gloria Vanderbilt’s Beekman Place apartment lists for $1.1M
Gloria Vanderbilt’s Beekman Place apartment lists for $1.1M
Columbia Property Trusts CEO Nelson Mills (iStock)
Columbia Property Trust reports first net loss of pandemic
Columbia Property Trust reports first net loss of pandemic
Mayor Steven Fulop (Getty, iStock)
Jersey City to provide up to $10K more rent relief per tenant
Jersey City to provide up to $10K more rent relief per tenant
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...