In a joint announcement, real estate giant Compass Inc., Christie’s International Real Estate, and @properties have announced that Compass is acquiring Christie’s and @properties. It’s estimated that Compass will pay $444 million in cash and stock to acquire the companies.
According to the joint announcement, Christie’s International Real Estate has global reach with a network of more than 100 independently owned domestic and international affiliates located in 50 countries and territories.
The firm @properties is the 8th largest residential brokerage in the U. S. by sales volume, with operations in Greater Chicago, Indiana, Michigan, Wisconsin, and Metro Atlanta (through the Ansley Real Estate Brand). @properties’ Northern California operation, under the Christie’s International Real Estate Sereno brand, will become an independent brokerage while maintaining its network affiliation. Compass plans to continue to grow the independent affiliate network through the Christie’s International Real Estate brand both domestically and internationally.
“This partnership will allow us to empower strong independent brokerages and broker-owner entrepreneurs around the world who are affiliates under Christie’s International Real Estate,” said Robert Reffkin, Compass’ founder and CEO. “Our companies share the same passion for empowering entrepreneurial agents. Together, we will be able to provide unparalleled resources and support to help everyone succeed and deliver exceptional client experiences.”
Mike Golden, who with Thad Wong is co-CEO of @properties, said, “Compass shares our commitment to enhance the real estate industry through technology, marketing, and exceptional service and to embrace the local, independent broker through the Christie’s International Real Estate and @properties brands.”
With the acquisition of @properties, Compass also will be acquiring the title company Proper Title, which is owned by @properties. It also will pick up the mortgage business Proper Rate and the lead-generation business Suburban Jungle.
