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Christie’s Real Estate Platform Trades to @properties
Christie’s said Wednesday it would sell its Christie’s International Real Estate business to Chicago-based real estate brokerage and technology firm @properties for an undisclosed sum. The deal, on which @properties is partnering with private equity firm Quad-C Management, is expected to close Dec. 1.
Under a long-term global brand license agreement, Christie’s existing global network of approximately 900 real estate offices will transfer to @properties along with Christie’s International Real Estate corporate team members and company-owned brokerage operations. The new business will retain the name Christie’s International Real Estate.
“We chose to pursue this new direction for Christie’s International Real Estate for two strategic reasons,” said Christie’s COO Ben Gore. First, because @properties has “the unique resources and capabilities to invest in expanding the Christie’s International Real Estate brand,” and second, because it will allow Christie’s to focus on its core business of art and luxury goods.
- ◦Sale/Acquisition
