June 25, 2024

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London estate agent Chestertons sold to Emeria

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Chestertons, one of the UK’s oldest estate agents, has been sold to a European real estate services and technology group, in the latest sign of consolidation in the British property sector.

The more than 200-year-old London agency has been acquired by Emeria, which is owned by the Swiss private equity firm Partners Group. Emeria is paying about £100mn for Chestertons, a person familiar with the deal said.

The sale of Chestertons, confirmed by both sides on Monday, follows an almost two-decade-long turnaround effort at the company and comes amid intensifying pressure in the UK housing market from rising mortgage costs following successive interest rate rises by the Bank of England.

The market is on track for its slowest year in more than a decade, according to property portal Zoopla, with house prices falling in recent months from pandemic-era highs.

The sale is the latest sign of dealmaking in the sector, coming on the heels of a bid by CoStar, a US-based real estate company, for UK property portal OnTheMarket. CoStar said last week it had made an offer of about £100mn for the company, sending rival property site Rightmove’s shares down 12 per cent on Thursday.

London-based estate agency Foxtons also flagged earlier this year that it was looking to acquire rival agencies this year in an attempt to expand its lettings business amid a slowdown in house sales. Residential rents climbed 12 per cent in August, their largest annual increase on record, according to data from estate agency Hamptons.

Chestertons was founded in 1805 and bought out of receivership in 2005 by the Mercantile Group, led by Salah Mussa.

Mercantile combined Chestertons, which focuses on sales and lettings of upmarket homes in London, with Humberts in 2009 after buying the majority of Humberts out of administration. The company split the two brands again in 2014.

Mercantile also owns…

2023-10-23 09:04:17

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