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UPDATE

Cendant acquires Sotheby's Realty

February 22, 2004|From Times wire reports

Cendant Corp., the parent of Avis and Century 21, has bought the residential real-estate brokerage of auction-house Sotheby's Holdings Inc. for $100 million, the companies said Tuesday.

The brokerage, Sotheby's International Realty, deals with luxury properties in 40 states and 20 countries. The deal does not include its European offices and affiliates, which will continue under current management.

Cendant is licensing the brand name for 50 years, with a 50-year renewal option, and will pay a license fee in addition to the $100 million.

Operations owned by Sotheby's International Realty will be taken over by Cendant subsidiary NRT Inc., which operates under the Coldwell Banker and ERA brand names.

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