Gulf Sotheby’s International Realty acquires ERE Homes

Gulf Sotheby’s International Realty said Tuesday it had acquired United Arab Emirates real estate broker ERE Homes in a full buyout.

Through the deal, the auction house-affiliated realtor hopes to strengthen its resale and leasing divisions and provide property management services in the region.

It will also double the Gulf Sotheby’s headcount and grow its sales force to 90 property consultants.

The value of the transaction was not disclosed.

“This acquisition brings together two like-minded real estate companies that have built their success on the knowledge and capability of their people. It allows us to plug a gap in our respective service offerings to become a leading full-service real estate company in the Gulf region,” said Gulf Sotheby’s International Realty chairman George Azar.

ERE Homes managing partner Chris Whitehead will lead the new brokerage division at Gulf Sotheby’s as managing director or sales and leasing.

The company now operates in Bahrain, Kuwait, Oman, Saudi Arabia and Qatar.

It said it has been in “acquisition mode” since last year when regional real estate market began to soften and would continue this stance in 2016.