A giant American real estate agency franchise is set to launch in the UK.
Coldwell Banker Real Estate and a new firm, GBRE Ltd, based in London, have signed a master franchise contract.
GBRE will operate Coldwell Banker Great Britain, to be headed by managing director Vic Pegna.
A fellow director of GBRE is Stuart White, the former UK master franchisee of another major American firm, Century 21.
The two directors are currently at a conference in Chicago, where they are being introduced to the Coldwell Banker global network and giving a presentation on the UK property market.
Initially, the new business will focus on London, but plans to expand further into England, Wales and Scotland.
Coldwell Banker Real Estate has a global network of 3,000 offices in 44 countries, with around 88,000 staff members.
It calls itself the oldest national real estate brand and franchise in the USA.
President and CEO of Coldwell Banker Real Estate, Budge Huskey, says: “There is no doubt that expansion into Great Britain was paramount to our continued international growth.
“The region reflects similarly to the US housing market with approximately 65% homeownership rate and an improving economy.
“London itself ranks as one of the world’s top financial centres and therefore is critically important for us.
“Vic and his management team, with almost 100 years of combined experience with operating real estate firms in Great Britain, are equipped to navigate the competitive landscape with a focus on growth.”1
Pegna was previously in mortgage departments at Your Move and Countrywide.
White was formerly the Century 21 franchisee in the UK, from 2005 to November 2013, and also used to work at Countrywide.
US real estate companies currently operating in the UK include Century 21, Re/Max, Sothebys Realty and Keller Williams, which launched in London last year.
Century 21 UK is now operated by financial and property firm Shepherd Direct Group.
1 http://www.propertyindustryeye.com/american-giant-realtor-gets-set-to-launch-in-uk/