Tuesday 17 September 2019

Former Bus Éireann chairman strikes deal to manage $100m Sotheby's portfolio

Paul Mallee (R) and partner Rami Shamaa
Paul Mallee (R) and partner Rami Shamaa

Fearghal O'Connor

A Dubai-based company founded and run by former Bus Éireann chairman Paul Mallee has struck a deal with the property arm of Sotheby's to manage $100m (€89.7m) worth of its luxury villas.

Maison Privee acquired the portfolio through a preferred-partner relationship with one of the biggest luxury real estate firms in the United Arab Emirates, Gulf Sotheby's International Realty, an offshoot of the well-known London auction house.

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"The deal, which involves us adding $100m worth of luxury villas to our portfolio, significantly enhances our position as the largest luxury vacation rentals operator in the UAE," Mallee, who is also a former board member of CIE told the Sunday Independent. "It also firmly places us ahead of course on our target to reach $300m worth of assets under management by the end of this year."

This partnership has solidified Maison Privee's position as the largest short-term rental operator on the city's opulent Palm Jumeirah, where the villas are located.

Maison Privee, which was founded in 2017 by Mallee and his business partner Rami Shamaa, is a 'virtual hotel' operator and has raised a total of $4m in Series A funding.

The company manages luxury apartments and villas, offering them to business and leisure visitors.

Guests are offered the opportunity to live in their own private penthouse or villa in some of the swankiest parts of Dubai such as the artificial Palm Jumeirah archipelago.

"Working with the Maison Privee team is a great added-value opportunity for our clients," said George Azar, chairman of Gulf Sotheby's International Realty. "The ability to extract increased revenues from assets through leveraging the demand for short-term rentals makes a lot of sense in this market.

"We look forward to working closely with the Maison Privee team to grow the number of clients referred to them," said Azar.

Sunday Indo Business

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