Sothebys has confirmed that it sold the Canadian real estate industry’s “best seller” title to Canadian real-estate agency, Saunders Real Estate for $3.9 billion.
The deal, which comes as the real estate market struggles, marks the first major deal in Canada’s real-time bidding war for the title.
The acquisition, which includes the title, shares, and offices, is expected to close in the fourth quarter of 2019.
The move comes after a year of consolidation and the closing of more than 400 brokerage offices, as well as the end of a two-year bidding war with Sothebund.
The sale comes after an acquisition of Saunders Real in October 2017, which had an annualized revenue of $9.3 billion.
In a statement, the company said that the acquisition will bring to the portfolio “a strong portfolio of brands, including SotheBy’s, Sothemans, and LVMH.”
Saunders Real, which opened in 2017, was one of the largest real estate agents in Canada, according to Forbes magazine.
The company’s real property portfolio has grown from less than 500 agents in 2010 to more than 2,200 agents in 2017.
Saunders Real also offers leasing and real estate investment services, including the “best-in-class” residential leasing, the brokerage of properties for individuals and corporations, and real- estate investment management.
The real estate agency is a major player in the global real estate sector.
It also has offices in more than 200 countries and has over 40,000 employees.
In 2017, the agency reported net revenue of over $1.4 billion, with annualized revenues of $7.6 billion.
The sale comes as Canadian realtor, real estate agent and brokerage firm, Saunders, is in the process of exiting the Canadian market.
In September, the real-life agency said that it had lost nearly 10% of its value over the past year.
“We are closing in on the final stages of our transition from the Canadian brokerage sector to a new, more efficient model that better aligns with our growth and profitability in the United States,” the company told clients at the time.
The firm was founded in 1919 by a team of real estate investors and was the first real estate brokerage in Canada.
In 2019, the firm merged with S&M, which is now part of the Toronto-based company, and launched the Toronto Real Estate Institute.