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Savills has its first wholly owned business in the Middle East after purchasing the 190-person division of Cluttons in the region.
Cluttons Middle East, which has been active in the region for 40 years, operates from seven locations, providing agency, management and consultancy advice in the commercial and residential sectors. The management team, led by divisional Chief Executive Steve Morgan, will remain in place.
“The Middle East region is key to the global economy and its continued economic development, increased government investment and a young population will continue to accelerate its significance,” Savills Chief Executive Mark Ridley said.
For Cluttons, the sale is part of a streamlining of its operations that will see it focus on growing its U.K. business. Last year the company was bought via a pre-pack administration by private equity firm RCapital.
The U.K. business has 250 staff and revenue of £28M. It has looked to recruit senior industry experts, with James Beresford joining from Capita Real Estate and Infrastructure to build a new investment agency team, and Henry Brewster joining the commercial team from West End agency Kinney Green.
“We have a clear and ambitious growth plan for the business and today’s announcement is in line with our vision and decision to focus on the U.K. market,” Cluttons Managing Partner James Gray said.
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