@properties to Acquire Christie's International Real Estate

Christie's announced that it is selling its Christie's International Real Estate business to real estate brokerage and technology firm @properties, and entering into a long-term global brand license agreement with the company, one of the fastest growing luxury brokerage firms in the world. This new strategy for Christie's International Real Estate is designed to build upon the success of the business and position it for accelerated growth under the leadership of an industry expert.

The acquisition of Christie's International Real Estate by @properties is expected to close on December 1. Under the terms of the agreement, Christie's existing global network of approximately 900 affiliate 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, which will retain the name Christie's International Real Estate, will create one of the largest residential brokerage firms in the United States and will allow for further expansion across other global markets. With this new direction and structure in place, Christie's International Real Estate will benefit from @properties' state-of-the-art technology, marketing and broker-support platforms and be able to provide an unparalleled level of service expected by Christie's clients worldwide.

The move also paves the way for @properties to scale its technology on a global level while supporting continued innovation to better serve Christie's International Real Estate's clients, agents and affiliates. The company's proprietary suite of brokerage-tech applications, called pl@tform, allows its agents to digitally manage all aspects of the client relationship and real estate transaction through one fully integrated system.

Ben Gore, Christie's Chief Operating Officer, said, "@properties is one of the largest US luxury real estate companies by sales volume and a clear leader in the field. We chose to pursue this new direction for Christie's International Real Estate for two strategic reasons—first, because @properties possesses the unique resources and capabilities to invest in expanding the Christie's International Real Estate brand and its affiliate network both within the US and on a global scale; and second, because this will enable Christie's to focus our resources on the core priorities of our business in the art and luxury goods market."

Thad Wong, co-CEO and co-founder of @properties, commented, "@properties is excited to combine the world's preeminent luxury real estate brand with the brokerage industry's best technology, marketing, and operational platform. Christie's International Real Estate will be the only brokerage firm in the world that can offer affiliates, agents and clients a fully integrated tech solution behind 250-plus years of luxury service and experience."

@properties is partnered with Charlottesville, Virginia-based Quad-C Management, a leading middle-market private equity firm.

Centerview Partners LLC is serving as exclusive financial advisor to Christie's and Allen & Overy LLP is serving as legal counsel. Gibson, Dunn & Crutcher LLP and Lathrop GPM LLP are serving as legal counsel to @properties.