Sotheby’s International Realty Network Continues Mediterranean Expansion

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RISMEDIA, May 6, 2008-Sotheby’s International Realty Affiliates LLC announced signing of an exclusive 25-year licensing agreement covering the eastern Mediterranean region with Terra Sotheby’s International Realty, with its first office to open in Cyprus by the end of the year.

According to Michael R. Good, president and chief executive officer, Sotheby’s International Realty Affiliates LLC, the eastern Mediterranean region represents a crucial step in the brand’s overall European expansion.

“Our development in this part of Europe comes at a time of unparalleled economic growth for the region, primarily as a result of the strong tourist industry and the emergence of the region as a financial services and maritime center,” said Good. “The economy also has been buoyed substantially by the strength of the real estate industry. We see vast potential for future growth in this area.”

The Sotheby’s International Realty network currently has more than 9,000 sales associates located in more than 470 offices in the U.S. and 29 other countries and territories.

The owners of Terra Sotheby’s International Realty collectively control and operate premier hotel, real estate, advisory and investment companies in the eastern Mediterranean region with a combined worth in excess of $1.6 billion and annual revenue in excess of $550 million.

“We believe the Sotheby’s International Realty brand is uniquely positioned to help our firm take advantage of the luxury real estate growth in this region,” said Theo Vassiliou, general manager, Terra Sotheby’s International Realty. “Through the global network of Sotheby’s International Realty professionals we aim to deliver top quality services to the luxury real estate segment both on a regional and global basis.”

For more information, visit www.sothebysrealty.com

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