This private equity shop wants to dominate resi brokerage in Canada

Terms of the acquisition were not disclosed

Peerage's Miles Nadal and the Vancouver Skyline
Peerage's Miles Nadal and the Vancouver Skyline

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.

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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