Belgravia-based luxury estate agency UK Sotheby’s International Realty has new owner. The OP Society understands the business has been sold in its entirety to George Azar, who owns Sotheby’s Dubai and the Middle East region, for an undisclosed sum.

Entrepreneur Robin Paterson (69-73) and business partner Chris Palmer acquired the UK franchise from Countrywide in 2014. Teams operate across the prime London and country markets, and handle numerous top-end and high-profile listings; the firm was picked to launch a £75mn mansion in St John’s Wood in 2020, and recently starred in Channel 4’s glossy fly-on-the-wall property show, “Britain’s Most Expensive Houses”, which proved to be a hit. The London operation is headed up by MD Guy Bradshaw.

A spokesperson confirmed there would be no immediate change in personnel or in the day-today running of the business. Set up in 1976, SIR counts 24,000 sales associates across around 1,000 offices in 75 countries, making it one of the largest real estate networks worldwide.

Paterson said: “I am delighted to have sold the business to George Azar and his team who will develop the UK brand throughout London and the UK. There are strong synergies already between the ME region and UK, but these will be enhanced by one ownership.”

George Azar said: “We are pleased to have acquired the UK Sotheby’s business and form this ultimate trifecta between UAE, Saudi Arabia and United Kingdom. It is exciting news for the Sotheby’s global realty market as these regions have always had a very strong relationship and we believe that with this acquisition of the UK we can lead this trilateral relationship onto the next chapter.”

Industry heavyweight and “turnaround specialist” Paterson spent the early part of his career in charge of big-brand estate agencies including Hamptons, Cluttons and Barnard Marcus; he co-founded “activist investment firm” Catalist Partners in 2020, and recently joined iBuyer outfit Upstix as a partner.