The real estate-focused business of investment firm Peerage Capital is to acquire the franchise rights of Sotheby’s International Realty Canada.
Through a wholly owned subsidiary, Peerage Realty Partners will acquire the rights from a subsidiary of Dundee Corporation. The transaction is expected to close around May 17, 2019.
"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.
The acquisition will boost 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.
Change of leadership
The deal means a change of leadership for Sotheby’s International Realty Canada with long-time Peerage executive Don Kottick becoming president and CEO.
Kottick is a director of the Canadian Real Estate Association.
"The Sotheby's International Realty brand is the preeminent destination that attracts some of the best talent in the industry” he said. “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."