Dubai firm buys Hamptons for 82m

Hamptons International – parent group of Hamptons Mortgages – was sold last week for 82m to Dubai-based Emaar Properties by owner Wheelock Properties.

The group says the news will be a boost for the entire Hamptons UK operation including the estate agency business and the mortgage brokerage.

Kevin Duffy, managing director of Hamptons Mortgages, says the change in ownership of its parent group will involve little initial change to the everyday running of Hamptons Mortgages.

He says: “Our buyer is well capitalised and committed to developing the Hamptons brand further in the UK, Europe and globally, which is good news for our staff and business partners.”

Founded in 1896 Hamptons had a number of owners and was based in various parts of London before being bought in 1996 by Cluttons London Residential Agency with backing from a number of UK and international firms.

One of those firms was Wheelock Properties, originally trading under the name Marco Polo Developments, a property investor and developer focussing on luxury residences. Last spring it bought all the issued share capital of Hamptons.

New owner Emaar is a construction and property development firm with profits of $407m. The company has begun construction of its most ambitious project in the United Arab Emirates. The $20bn Burj Dubai Downtown development will include the Burj Dubai which will be the world’s tallest tower when completed in 2008.