The completion of the acquisition will solidify Peerage Realty Partners Inc. as one of North America’s leading luxury real estate brokerage organizations
TORONTO, CANADA – May 9, 2019 – Peerage Realty Partners Inc. (“Peerage”) announced today that through a wholly-owned subsidiary, it has entered into an agreement to acquire the Sotheby’s International Realty Canada franchise rights from a wholly-owned subsidiary of Dundee Corporation (TSX: DC.A), subject to satisfaction of customary closing conditions and execution of a definitive franchise agreement. It is anticipated that the closing of this transaction shall occur on or about May 17, 2019. Built on a tradition of excellence, the Sotheby’s International Realty® brand launched in 1976 to market homes and luxury real estate with exceptional service and professionalism. Sotheby’s International Realty Canada is the iconic national brand for Canada’s luxury residential and recreational properties.
The completion of this acquisition will expand Peerage’s footprint in the Canadian luxury real estate services market. It will add 540 agents and $5 billion in annual sales to Peerage’s total sales. Financial terms were not disclosed.
“With over $112 billion in global sales volume, 22,500 sales associates and 990 offices in 72 countries and territories worldwide, the Sotheby’s International Realty brand is the most talked about, written about, impactful residential real estate brokerage network in the world,” said Miles S. Nadal, Founder and Executive Chairman of the Peerage Capital Group.
Upon completion of the acquisition, long-time Peerage executive, Don Kottick will be named the new President and CEO of Sotheby’s International Realty Canada. In addition to his extensive experience managing and operating Canadian brokerages and technology companies, he is actively involved as a Director at the Canadian Real Estate Association, Past-President of the Real Estate Institute of Canada, and past Director of the Toronto Real Estate Board.
“Upon completion of this acquisition, it will be an honour to serve as President and CEO of Sotheby’s International Realty Canada. Throughout my career, I have long admired this brand and its rich culture of professionalism, strong marketing, and top-tiered client service”, stated Kottick. “The Sotheby’s International Realty brand is the preeminent destination that attracts some of the best talent in the industry. Moving forward, our focus will be on enhancing agent productivity, client experience, operations and continuing to attract the elite of the industry. With Peerage’s support, we will uphold and strengthen our position as the leader in luxury residential real estate in Canada.”
“The addition of an international luxury brand has been a key part of our growth strategy for many years. The addition of Sotheby’s International Realty Canada to the Peerage family will be an important strategic milestone for us. We continue to fulfill our mission to be the preeminent luxury real estate brokerage organization, partnering with the best people in our industry, together with iconic luxury brands, in the resale and pre-construction sales markets,” stated Gavin Swartzman, President and CEO of Peerage Realty Partners.
“Sotheby’s International Realty will be pleased to welcome the Peerage family to our network. We have followed Peerage’s impressive track record of successful partnerships in the luxury real estate brokerage market. We are confident that they will accelerate the growth trajectory of Sotheby’s International Realty Canada,” said Philip White, President and Chief Executive Officer of Sotheby’s International Realty.
About Sotheby’s International Realty Canada
Established in 2004, with over 32 offices nationwide, Sotheby’s International Realty Canada is Canada’s largest luxury brokerage with over 540 Sales Associates and over C$5 billion in annual sales of residential real estate. Sotheby’s International Realty Canada extends top-tier client service and marketing to luxury homes nationwide. The franchise receives support from Sotheby’s International Realty Affiliates LLC with a host of operational, marketing, recruiting, educational and business development resources. Sotheby’s International Realty Canada also benefits from an association with the venerable Sotheby’s auction house, established in 1744.
For more information, please contact:
Peerage Realty Partners:
Gavin Swartzman, President & CEO
Sotheby’s International Realty Canada:
Don Kottick, President & CEO