Coldwell Banker Real Estate LLC recently announced the signing of a master franchise agreement with GBRE Limited with immediate plans to affiliate and service Coldwell Banker® residential real estate franchises in Great Britain. The Coldwell Banker brand will now have a presence in 44 countries/territories around the world.
GBRE Limited will operate Coldwell Banker Great Britain, which will be led by Managing Director Vic Pegna. Pegna is a seasoned industry professional with over 20 years’ experience in senior management positions within estate agency and financial service businesses. He has held senior positions with both of the U.K.’s largest corporate agency groups and has extensive experience with the estate agency marketplace and its changing practices since 1994.
Coldwell Banker Great Britain will initially focus on growing the Coldwell Banker brand in London with plans to expand into the rest of England, Wales and Scotland.
“There is no doubt that expansion into Great Britain was paramount to our continued international growth,” says Budge Huskey, president and chief executive officer of Coldwell Banker Real Estate LLC. “The region reflects similarly to the U.S. housing market with an approximately 65 percent homeownership rate and an improving economy. London itself ranks as one of the world’s top financial centers and, therefore, is critically important for us. Vic and his management team, with almost 100 years of combined experience with operating real estate firms in Great Britain, are equipped to navigate the competitive landscape with a focus on growth.”
“We are incredibly excited to bring the Coldwell Banker system into Great Britain and recognize that the brand’s rich history and industry leadership will play strongly here,” Pegna says. “London has become one of the most prestigious markets in the world with an influx of foreign buyers and investors. We are looking forward to working closely with Coldwell Banker companies in the United States, Europe, the Middle East and Asia to take advantage of this shift. We believe there is a real opportunity in the prestigious property market for a credible international brand. Market conditions are good and we are confident that our ability and experience will allow us to effectively service our local communities as we introduce them to the Coldwell Banker brand.”
For more information, visit www.coldwellbanker.com/franchising.