Emaar Properties has handed part of subsidiary Hamptons International to UK estate agency Countrywide in a move designed to free the developer to focus on the Middle East and North Africa.
Under the terms of the new agreement, Emaar will continue to operate Hamptons International in the Middle East and North Africa region where it has existing or prospective businesses, while Countrywide will own the rights to operate Hamptons International business in the UK, Europe and Asia.
However, Emaar did not specify if it had sold the operations of Hamptons to Countrywide and did not give a value for the deal.
Emaar Properties managing director Ahmad Matrooshi said: “The agreement with Countrywide is part of a strategic approach to realign and reposition our property services portfolio in key geographic growth areas.
“Our Hamptons International offices in the UAE and MENA region will continue to provide the full spectrum of property services to customers.”
Emaar will continue to operate the Hamptons International offices in the Middle East region through its headquarters in Dubai, while also sharing synergies with Countrywide to promote its projects across the UK and internationally.
Mr Matrooshi added: “Over the past year, Emaar has taken several initiatives to strengthen its core competencies as part of a commitment to add long-term value to the shareholders.
“In the current economic climate, it is important to shift all energies on our key markets, which align perfectly with our overall growth strategy.”
Countrywide is the UK’s largest estate agency and property services Group, offering an extensive portfolio of integrated property services, which includes estate agency, lettings, mortgage and insurance services, land and new homes, franchising, auctions, surveying, conveyance and corporate property management services.
Grenville Turner, group chief executive, Countrywide, said: “We identified Hamptons International offers a key growth opportunity, both in the UK and internationally.
“This will enable Countrywide to extend its market coverage and support our plans to capitalise on the opportunities in the prestigious high-end property sector.”