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Sotheby’s International Realty Announces New Ownership of Mallorca Sotheby’s International Realty in Spain

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RISMEDIA, April 12, 2011—Sotheby’s International Realty Affiliates LLC has announced that City & Provincial Properties PLC is the new owner of Mallorca Sotheby’s International Realty.

Mallorca Sotheby’s International Realty, which opened in 2005, will continue to serve clients throughout the Spanish Balearic island of Mallorca. Paul Kempe is the new chairman and Stephen Dight will serve as general manager.

“We expect that the new ownership team at Mallorca Sotheby’s International Realty will reinforce the strength of our presence in Spain’s Mediterranean coastal regions, where we are currently enjoying strong growth following recent office openings in Costa Brava and Costa Blanca,” said Michael R. Good, chief executive officer, Sotheby’s International Realty Affiliates LLC. “I am confident that under Paul’s leadership the company will continue to bring quality service to Sotheby’s International Realty clients worldwide.”

“We are proud to carry forward the firm’s affiliation with the Sotheby’s International Realty® network to continue providing clients with an unmatched level of resources and global access,” said Dight. “The Sotheby’s International Realty brand is known throughout the world for its commitment to excellence in every phase of the real estate business,” he said. “The market in Mallorca remains stable and the demand is still high for well-priced, unique properties in this region known for its exceptional lifestyle and outstanding natural beauty.”

The Sotheby’s International Realty network currently has more than 11,700 sales associates located in approximately 550 offices in 44 countries and territories worldwide. Mallorca Sotheby’s International Realty listings will be marketed on the sothebysrealty.com global website. In addition to the referral opportunities and widened exposure generated from this source, the firm’s brokers and clients will benefit from an association with the Sotheby’s auction house and worldwide Sotheby’s International Realty marketing programs.

For more information, visit www.sothebysrealty.com.

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