Warren Buffett’s Berkshire Hathaway expands to Italy

Berkshire Hathaway’s property division has signed a franchise deal with Maggi Group Real Estate, marking its expansion into Italy. Maggi Group is headquartered in Piacenza with an office in Milan, serving the Northern Italy real estate market for almost four decades. The company will operate as Berkshire Hathaway HomeServices Maggi Properties from late February. It plans to build its market share in the north and expand into Rome within two years. It follows the investment giant’s arrival in Europe in 2018 with the appointment of Berlin-based Rubina Real Estate in April and the UK’s Kay & Co signing at the end of the year. Gino Blefari, president and chief executive of Berkshire Hathaway HomeServices, said: “Milan has been among our top priorities as Italy’s financial hub and Europe’s third-largest economy. “Maggi Properties is a regional leader that is highly regarded for its residential and commercial operations, as well as its real estate advisory services for financial institutions and public authorities.” Cesare Maggi, founder and chief executive of Maggi Group, said: “We believe the brand will be embraced by local and international clients seeking real estate guidance. Also, the brand will be sought out by American clients looking for property in Milan, Lake Como and the Tuscany region.” BHHS – which is headed by the American business magnate Warren Buffett – has a brokerage network of nearly 50,000 agents and more than 1,400 offices. In 2014 it announced expansion plans for Europe and two years later appointed Munich-based EMEA managing director Mitch Lewis, tasked with lining up BHHS’s first international franchisees. He is seeking to grow a presence in key markets, including Paris, Vienna and Dubai, and the brand is also targeting growth in Asia. To send feedback, e-mail emma.rosser@egi.co.uk or tweet @EmmaARosser or @estatesgazette