Chestertons Reception at KSA
November 30th, 2015
The event was held on the evening of the 30th November 2015 in the gardens at the British Embassy in Riyadh and consisted of two presentations by Chestertons, on the property investment opportunities in London and Europe, followed by canapes, refreshments and networking.
The Event was a joint Chestertons/United Kingdom Trade & Investment (UKTI) event and was hosted at the Embassy by the Her Britannic Majestey's Ambassador, Simon Collis CMG, Mr Salah Mussa, the Chairman of Chestertons and Skeikh Najeeb Alissa, the Chairman of NHC.
The greeting line included the Ambassador, Mr Salah Mussa, Sheikh Najeeb Alissa, Robert Bartlett, CEO of Chestertons, Slim Bouker, Khalid Abdul Ghaffar, Mark Morris Jones and Ahmed Ababtain.
The official portion of the evening on 30th November 2015 started with mark Morris Jones introducing The Ambassador, who delivered a welcome speech, followed by a response from Robert Bartlett, CEO of Chestertons who gave a short precis of Chestertons and their increasing presence in the region in general, and the Kingdom of Saudi Arabia in particular.
Robert then introduced Sam Warren from the Chestertons International Residential (IRD) Team whose presentation was titled "The London View" and was on overview on the motivations and rationale in considering an investment into residential property in London. A copy of his power point presentation is attached, and whilst it is a fine piece of work and sets out the argument very well, it is specific to the market in the middle of 2015.
Following Sam was Brennon Nicholas who is Head of International Sales (IS) based in Dubai, and who has an extensive remit regarding properties in Continental Europe, with a focus on the residential markets.
Given the number of markets involved, the presentation was more generic than the London presentation which dealt with a particular, specialist segment of a single city market. Brennon addressed the variations available in Europe from Portugal through Spain, France, Germany and Austria to Cyprus.
Ahmed Ababtain closed the formal portion of the event by addressing the audience in Arabic and introducing the "Home Team" which included personnel from Chestertons offices in Saudi Arabia, the UAE and London, which involved the IRD and IS agency teams, as well as the regional professional valuation, consultancy and advisory teams.
Chestertons expands in Saudi Arabia through Joint Venture
London, January 12th, 2015
Chestertons, the residential property agency, has entered into a joint venture agreement with Saudi-based MEDAD Valuation International to further expand its operations across Saudi Arabia.
The deal gives Chestertons offices in three major cities across the Kingdom, valuable brand presence and a stronger residential sales pipeline
for London and its other global offices.
The new JV, Chestertons Saudi Arabia Property Limited, will commence operations during the second quarter of 2015, and will be opening
offices in Riyadh, Jeddah and Al Khobar simultaneously. Partner MEDAD Valuation International is part of the leading Najeeb Abdullatif
Alissa Holding Company (NHC), one of the fastest growing conglomerates in Saudi Arabia with operations across the Kingdom.
The deal is a major step forward for Chestertons as Saudi Arabia is one of their largest markets, by volume and value, for residential investment into London. The company has been operating in the Kingdom for a number of years but the partnership will enable them to better serve the clients they have there, give them a higher profile and enable them to operate more widely and publicly. They can now also service clients in the eastern provinces with the new office in Al Khobar.
Robert Bartlett, Group CEO of Chestertons, said: “We are pleased to be working with such a strong partner in the region and the opening
of three offices in Saudi Arabia helps us to build on the growing amount of business we have in the region. Saudis are beginning to
invest in residential property in other global destinations with the support of the Chestertons network, and this joint venture will
help develop this further." “This represents a significant new investment for us and will become a key corner stone in developing our
broader MENA strategy and in supporting our market leading operations within Dubai and Abu Dhabi. I expect to see further significant
developments of our MENA business throughout 2015.”
Through the new partnership Chestertons will also provide valuation and consultancy services, feasibility studies, development consultancy and market research to its local clients.
“We are entering Saudi Arabia at the right time and we will combine our regional and international strengths with our partner’s local expertise to serve our valued customers in Saudi Arabia. We are also seeing a lot of interest for valuations from local investors with regard to Saudi based properties”.
Simon Gray, Managing Director, Chestertons MENA
De-merger of Humberts and Chestertons
In November 2013, the Chesterton Humberts Board decided to split the group into two separate brands and businesses – ‘Chestertons’ and ‘Humberts’ – thus necessitating a re-branding project.
The demerger of Humberts earlier this year has provided focus and fresh impetus for Chestertons. This has been supported by a £0.5 million rebranding exercise completed in June 2014 and rolled out to all the offices.
The current shareholders of Chestertons, having recently demerged the Humberts country estate agency business, have received a number of approaches for the Group. This comes at a time when the management team has rebranded the business and formulated a dynamic growth strategy to expand the footprint of the business both in London and internationally and to do more with the existing branches.
Although the current shareholders would have an appetite to support the team in executing this plan, it is a natural way point for them to consider whether another partner could accelerate the value creation this opportunity brings. Accordingly, they have formally appointed Cavendish Corporate Finance LLP to manage the search for a new partner and effect an orderly change in ownership.
Offers are invited for 100% of the share capital of Chestertons on a cash-free, debt-free basis.
“With their own operating, marketing and sales and legal structures, the two businesses will be able to independently drive their own growth”.
Salah Mussa, Chairman of the Mercantile Group