Sotheby's International Realty Affiliates LLC Acquires Licensing Rights to Expand in Australia
PARSIPPANY, NJ--(Marketwire - March 9, 2011) - Sotheby's International Realty Affiliates LLC (SIRA) today announced it has acquired the rights from the Sotheby's (NYSE: BID) auction house to license the Sotheby's International Realty® brand in Australia. Financial terms of the transaction were not disclosed.
"We are excited to gain representation in this critical international market," said Michael R. Good, chief executive officer, Sotheby's International Realty Affiliates LLC. "Now that we have acquired the licensing rights for Australia, we will focus on aggressively pursuing the finest local candidates to represent us there. We look forward to aligning ourselves with luxury real estate leaders in Australia's most exceptional markets."
In 2004, the Sotheby's auction house granted Sotheby's International Realty Affiliates LLC and its parent company, Realogy Corporation, the rights to franchise the luxury real estate brand worldwide with the exception of New Zealand and Australia. SIRA later acquired the rights to New Zealand from the Sotheby's auction house and in 2005 launched New Zealand Sotheby's International Realty, an independently owned and operated company, as its master franchisee for that country. Sotheby's maintained its real estate presence from its auction house in Sydney until 2009, when it closed its real estate operations in Australia.
The Sotheby's International Realty network currently has more than 11,700 sales associates located in more than 550 offices in 44 countries and territories worldwide.
About Sotheby's International Realty Affiliates LLC
Founded in 1976 to provide independent brokerages with a powerful marketing and referral program for luxury listings, the Sotheby's International Realty network was designed to connect the finest independent real estate companies to the most prestigious clientele in the world. In February 2004, Realogy Corporation, a global provider of real estate and relocation services, entered into a long-term strategic alliance with Sotheby's, the operator of the auction house. The agreement provided for the licensing of the Sotheby's International Realty name and the development of a full franchise system by Realogy's subsidiary, Sotheby's International Realty Affiliates LLC. Affiliations in the system are granted only to brokerages and individuals meeting strict qualifications. Sotheby's International Realty Affiliates LLC supports its affiliates with a host of operational, marketing, recruiting, educational and business development resources. Franchise affiliates also benefit from an association with the venerable Sotheby's auction house, established in 1744. For more information, visit www.sothebysrealty.com.