The acquisition, which will affect 540 realtors in 32 offices across Canada, is part of Peerage’s efforts to expand its luxury real estate brands. The company currently boasts 1,840 sales representatives in 72 offices across North America and claims to have closed $13 billion in sales. Terms of the deal were not disclosed.
“The addition of an international luxury brand has been a key part of our growth strategy for many years,” Peerage Realty Partners CEO and President Gavin Swartzman said in a prepared statement. “The addition of Sotheby’s International Realty Canada to the Peerage family will be an important strategic milestone for us.”
Current peerage executive Don Kottick will be named the new President and CEO of Sotheby’s International Realty Canada. Kottick currently serves as director of the Canadian Real Estate Association and has, in the past, served as president of the Real Estate Institute of Canada and director of the Toronto Real Estate Board. The agents currently at Sotheby’s International Realty Canada will, according to the Globe and Mail, be given the chance to stay on with the brokerage as it changes hands.
“Throughout my career, I have long admired this brand and its rich culture of professionalism, strong marketing, and top-tiered client service,” Kottick said in a prepared statement. “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.”