PH Real Estate buys strategic stake from company co-founder

Publish March 15, 2021
real estate

PH Real Estate, one of Dubai’s oldest real estate brokers, has announced that it has purchased 50% shares owned by its co-founder Myles Bush in the company for a 'seven-figure amount'.

Bush, who has announced his retirement, had set up the company in 2008, aalong with Nick Grassick, who joined PH Real Estate seven years ago and remains its managing director.

A reputed company in Dubai, PH Real Estate has achieved several milestones over the last 12 years including the Dubai’s most expensive villa sale in 2017; the most expensive land sale in 2018 and the most expensive rental property in 2019.

On the new development, Grassick said: 'Bush and I have had a fantastic run and we shall certainly all miss him. As we move into an exciting new era for PH Real Estate, I’m delighted that our new partners share the values that Myles and I began the company with – trust, integrity and transparency.'

One of the two new partners is real estate expert and serial entrepreneur Mamad Kashani-Akhavan who had spent his entire career investing in highly successful ventures.

'For me, PH stands out as a growing business built on admirable values and a strong vision of what it needs to do to keep growing. I myself started my own real estate brokerage at just 18 and managed to sell a property in Knightsbridge, London for a record-breaking £1 million in 1984, so our values certainly align,' noted Akhavan.

The other partner is Vahid Mazaherioun, born in 1976 into a well-known entrepreneurial family in Iran and whose father was one of the most successful importers of consumer products of his generation.

After graduation in 1993 from one of the top universities in Iran, Mazaherioun moved to Dubai 20 years ago and started a career in Dubai real estate. During this period, he has done many successful transactions.

Between Grassick, Akhavan and Mazaherioun, the current partners possess more than 80 years of international real estate experience. The company now has a 70-member strong team and occupies a 5,000 sq ft office space in Marina Plaza, Dubai Marina.

tradearabia

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