A private equity firm with a taste for real estate just acquired the Canadian arm of Sotheby’s International Realty, which has 540 agents and 32 offices in Canada.
The new owner is Peerage Realty Partners, a subsidiary of private equity firm Peerage Capital.
“The addition of an international luxury brand has been a key part of our growth strategy for many years,” Gavin Swartzman, president and CEO of Peerage Realty, said in a statement.
Peerage acquired Sotheby’s International Realty to expand its collection of luxury real estate brands. Peerage currently has 72 realty offices with 1,840 sales representatives in North America and claims $9.6 billion in closed sales. Terms of the acquisition were not disclosed.
Other brokerage under Peerages’ control include Denver-based Madison & Cos., Chestnut Park Real Estate in Toronto, Baker Real Estate, Fifth Avenue Marketing and StreetCity Realty Inc.
Don Kottick, a Peerage executive, will serve as the new president and CEO of Sotheby’s International in Canada.
Kottick is a director of the Canadian Real Estate Association and previously has served as president of the Real Estate Institute of Canada and as a director of the Toronto Real Estate Board. [Inman] – Mike Seemuth