Hamptons, owned by Singapore-based Wheelock Properties, has been sold to Dubai-based Emaar for 82m.
The deal was signed late last night and all UK staff have now been informed.
The news will be a boost for the entire Hamptons UK operation – both the estate agency business and the mortgage brokerage.
Kevin Duffy, managing director of Hamptons UK mortgage business, welcomed the news.
He told Mortgage Strategy Online: “This will involve very little initial change to the Hamptons Mortgages business.
“I am enthused by the fact that our new buyers are extremely well capitalised and are committed to developing the Hamptons brand further in the UK, Europe and globally which is good news for staff and business partners alike.”
Wheelock Properties was launched in 1972 and its principal
activities are that of property investor and developer, with a focus on luxury residences.
As at the end of its latest financial year, 31 March 2005, Wheelock Properties (Singapore) Limited had a market capitalization of over S$1 billion.
Emaar, meanwhile, recently announced that its net profits for the first quarter ended 31 March 2006 reached AED 1.517 billion (US$406.9 million) a rise on the AED 1.325 billion (US$355.4 million) for the equivalent period last year.
The company has begun construction of its most ambitious project within the UAE, the AED 73 billion (US$20 billion) Burj Dubai Downtown development, which comprises Burj Dubai – stated to be the worlds tallest tower when completed in 2008.
In line with its international expansion strategy, Emaar has joint ventures and projects across the region covering India, Egypt, Turkey, Morocco, Syria, Pakistan, Tunisia and Saudi Arabia.