PH Real Estate, one of Dubai’s oldest real estate brokers, has reported that it has bought 50% shares owned by its co-founder Myles Bush in the company for a ‘seven-figure amount’.
Bush, who has reported his retirement, had set up the company in 2008, along with Nich Grassick, who joined PH Real Estate seven years before and remains its managing director.
A reputed company in Dubai, PH Real Estate has gained different achievements over the previous 12 years containing Dubai’s most expensive villa deals in 2017; the most expensive land deals 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 whole career investing in highly successful travels.
“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 best universities in Iran, Mazaherioun shifted to Dubai 20 years ago and begin a career in Dubai real estate. During this period, he has made several successful deals.
Between Grassick, Akhavan, and Mazaherioun, the active partners possess more than 80 years of international real estate experience. The company now has a strong team of 70-members and occupies a 5,000 sq ft office space in Marina Plaza, Dubai Marina.