The realty division of the 260 year old Sotheby’s auction house has joined forces with US based Cendant Corporation in a $200 million deal that will see Cendant manage Sotheby’s International Realty for a period of 50 years when the contact will be up for renewal.

Cendant’s real estate services division is the world largest real estate franchisor, with other brands under its realty umbrella being Coldwell Banker and Century21. The US based corporation is listed 106th on the Fortune 500 list of the biggest companies in the world; ahead of Coca Cola, Macdonalds, Sun Microsystems, Nike and Apple.

Barak Geffen, Executive Director of Sotheby’s International South Africa, operated by Lew Geffen says, “This new alliance means that our South African franchisees will have access to the best real estate know-how in the world as well as increased access to overseas channels, which is good news for buyers and sellers who use our services.

“Cendant’s investment gives the well-established Sotheby’s brand an even stronger worldwide standing as the premier brand for luxury real estate, offering employees further stability and clients the security of unprecedented real estate service.

Geffen adds that Sotheby’s International Realty franchises are now in the process of a worldwide re-branding exercise to align themselves further with their new global corporate identity under Cendant.

Cendant is also one of the world’s foremost providers of travel and relocation services, one of the world’s largest hotel franchisors, vacation ownership organisations and car rental operators. The corporation holds 200 brands beneath its global umbrella including Avis, Budget, RCI, 20 travel brands and 30 hotel chains.

Previously managed by Sotheby’s Holdings, which controls the world famous Sotheby’s auction house established in 1744, Sotheby’s International Realty has to date been made up of over 1200 realty offices across the globe in twenty five countries, in which realty sales accounted for three fifths of the group’s turnover.

ENDS -

ISSUED BY:          LANGE STRATEGIC COMMUNICATIONS

ON BEHALF OF:     SOTHEBY’S INTERNATIONAL REALTY

For further information please contact Barak Geffen at Sotheby’s International Realty, operated by Lew Geffen on 082 600 8522 or Robyn Creer at Lange on (021) 448 7407.