Sotheby's International Realty master franchise awarded to premier luxury property developer in Dubai and the United Arab Emirates
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Sotheby's International Realty master franchise awarded to premier luxury property developer in Dubai and the United Arab Emirates
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Category: Middle East
This is a press release selected by our editorial committee and published online for free on 2005-12-12
Nakheel, Developer of The Palm and other Landmark Properties, to Carry World-Renowned and Prestigious Name in Luxury Real Estate
PARSIPPANY, N.J. and DUBAI, UNITED ARAB EMIRATE 11-21-2005 -- Cendant Global Services, Inc., the international master franchising affiliate of Sotheby’s International Realty Affiliates, Inc., today announced that it has awarded exclusive master franchise rights for the Sotheby’s International Realty® brand in Dubai and the United Arab Emirates. The master franchisee will develop a system of real estate offices in each respective Emirate that will operate as part of the Sotheby’s International Realty® network of luxury residential real estate brokerages. Sotheby’s International Realty Affiliates, Inc. is a subsidiary of Cendant Corporation (NYSE: CD).
Operating under the name Nakheel Sotheby's International Realty, the newly formed company will offer potential buyers and sellers in the UAE market quality re-sales and brokerage services for residential properties. The company will utilize the world-renowned Sotheby’s International Realty® name and the network’s exclusive marketing systems to help bring worldwide attention to its signature projects, in the Arabian Gulf, which include the creation of the world’s three largest man-made islands known as The Palm. Other iconic developments include The World, consisting of 300 man-made islands, positioned strategically to replicate the shape of the world map.
Michael R. Good, President and CEO of Sotheby's International Realty network, said, "The prestigious Sotheby's International Realty name is aligned with luxury residential real estate brokerage firms located in many of the world's most beautiful and highly desired locations. Dubai and, in particular, The Palm, is one such location and the level of progress in the real estate market in the UAE is exceptional. Only select real estate firms and individuals meeting our strict qualifications can become part of the Sotheby's International Realty network, and we are very happy to be working with Nakheel in bringing exclusive Sotheby's International Realty services to Dubai and the UAE."
Sultan Ahmed bin Sulayem, Nakheel Executive Chairman, said, "As the real estate sector continues to grow in both Dubai and the Middle East, Nakheel is proud to announce the launch of Nakheel Sotheby's International Realty in the region. We are committed to introducing a high-quality, prestigious realty company to the region with all its standards of international best practices; in this respect, the reputation of the Sotheby's International Realty name is second-to-none and will be instrumental in exposing our properties to an international audience whilst providing discipline to the secondary market."
James Wilson CEO of Nakheel and Nakheel Sotheby's International Realty, said, "We are very pleased to have been granted the exclusive rights for the Sotheby’s International Realty name in the UAE. We will be launching a comprehensive property sales and property management company, with its first offices located in Dubai. The Sotheby's International Realty name is synonymous with luxury and quality. Through this affiliation we are uniquely positioned to provide our clients with the personalized attention, expertise, marketing and services to market properties to an international audience. This will be further enhanced by the special relationship with Sotheby's Auction House and as part of this dynamic worldwide real estate network."
Residential real estate brokerage firms that join the new Sotheby's International Realty® luxury franchise network have access to exclusive business resources and services, such as marketing, information technology, operations, public relations, recruiting, client referrals and training.
The Sotheby's International Realty® network has offices located in many leading luxury metropolitan markets, including London, Cannes, Paris, Sydney, Vancouver, Beverly Hills, Calif.; Dallas; Las Vegas; Miami; New York; Palm Beach, Fla.; and San Francisco, as well as resort areas such as Aspen, Colo., The Bahamas, Santa Fe, N.M.; and Newport, R.I. For a complete list of all office locations, visit www.sothebysrealty.com.
About Sotheby’s International Realty Affiliates, Inc.
Founded in 1976 to provide independent brokerages with a powerful marketing and referral program for luxury listings, the Sotheby’s International Realty® network was designed to connect the finest independent real estate companies to the most prestigious clientele in the world. In February 2004, Cendant Corporation (NYSE: CD), the world’s leading real estate brokerage franchisor, entered into a long-term strategic alliance with Sotheby’s Holdings, Inc. (NYSE: BID; LSE: STBA). The agreement provided for the licensing of the Sotheby’s International Realty® name and the development of a full franchise system by Sotheby’s International Realty Affiliates, Inc., a Cendant subsidiary. The agreement also included the acquisition of the company-owned real estate brokerage offices by NRT Incorporated, a Cendant subsidiary that owns and operates those offices today as Sotheby’s International Realty, Inc. Affiliations in the system are granted only to brokerages and individuals meeting strict qualifications. Sotheby’s International Realty Affiliates, Inc. supports its affiliates with a host of operational, marketing, recruiting, educational and business development resources. Franchise affiliates also benefit from an association with the venerable, 260-year-old Sotheby’s auction house. For more information, visit www.sothebysrealty.com.
About Nakheel
Nakheel is the uniquely focused property development company behind a variety of new landmark developments in Dubai. Nakheel aims to redefine the concept of property development whether residential, tourist, commercial or retail. It has therefore placed great importance on examining the requirements of the different sectors of the community and developing its visionary projects around these findings.
Nakheel's portfolio currently includes The Palm, The World, Jumeirah Islands, The Gardens, Ibn Battuta Mall, Jumeirah Lake Towers, Jumeirah Golf Estates, The Lost City, International City, Discovery Gardens, Jumeirah Village and Dubai Waterfront.
Further information can be found at www.nakheel.ae
About the Real Estate Services Division of Cendant Corporation
Cendant Corporation is primarily a provider of residential real estate and travel services. On Oct. 24, 2005, Cendant announced its plans to separate into four independent, publicly traded companies -- one for each of its real estate, travel distribution, hospitality and vehicle rental businesses. The transaction is expected to be completed in the summer of 2006, at which time the Cendant name will be retired. The Real Estate Services Division, which will remain intact to become a new, stand-alone Real Estate Services company, consisting of four primary business units: the Real Estate Franchise Group, representing more than 14,000 residential and commercial franchised real estate offices and 300,000 sales associates affiliated with the Century 21®, Coldwell Banker®, Coldwell Banker Commercial®, ERA® and Sotheby's International Realty® brand names; Cendant Mobility, a premier provider of employee relocation and global mobility services with six global service centers on four continents; NRT Incorporated, the nation's largest residential real estate brokerage company with operations in 35 major metropolitan areas; and Cendant Settlement Services Group, a leading national provider of title, escrow and other settlement services. For more information on Cendant's Real Estate Services Division as well as expert commentary on emerging trends in the real estate industry, visit the Cendant Media Resource Center at www.cendant.com/media.
Completion of Cendant's contemplated separation is subject to various risks, including but not limited to, risks inherent in the contemplated separation and related transactions and borrowings and costs related to the proposed transactions; distraction of Cendant and its management as a result of the proposed transactions; changes in business, political and economic conditions in the U.S. and in other countries in which Cendant and its companies currently do business; changes in governmental regulations and policies and actions of regulatory bodies; changes in operating performance; access to capital markets and changes in credit ratings, including those that may result from the proposed transaction; the ability of Cendant to obtain the financing necessary to consummate the transaction; and the ability of Cendant to satisfy certain conditions precedent, including, final approval by our Board of Directors, receipt of a tax opinion of counsel and the filing and effectiveness of registration statements.
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