Savills has completed the takeover of property consultancy Cluttons Middle East, giving the London listed company its first wholly-owned unit in the region.
The deal includes the full retention of Cluttons Middle East’s 190 staff and will rebrand as Savills. “This new Savills business in the Middle East provides a vital bridge between Savills expanding European business and its Asian operation, further strengthening Savills global coverage,” the company said. “Savills has developed strong relationships with its associates in the region over many years and while the formal associations will come to an end, the firm expects to continue cooperating with its former partners in the future.”
“The Middle East region is key to the global economy and its continued economic development, government investment and a young population will continue to accelerate its significance,” said Mark Ridley, Savills Deputy Group Chief Executive.