Countrywide, the U.K.'s largest estate agency and property services group has bought an exclusive 25-year licensing agreement for the UK with Sotheby's International Realty.

Under the agreement, Countrywide has the exclusive license to the Sotheby's International Realty® brand across the UK and Channel Islands. Countrywide will create a new subsidiary called United Kingdom Sotheby's International Realty to operate its new luxury brokerage business.

As part of the transaction, Countrywide acquired the Sotheby's London office in Mayfair, previously owned and managed by NRT LLC, the largest owner and operator of real estate brokerages in the United States. The office will be renamed London Sotheby's International Realty.

"This is a major step forward in our worldwide growth plan," said Michael R. Good, president and chief executive officer, Sotheby's International Realty. "This agreement will enable the Sotheby's International Realty brand to expand significantly in London and throughout the United Kingdom".

Robert Scarff, managing director, Countrywide Estate Agents comments: The Sotheby's International Realty brand is iconic and offers a huge potential for quality growth. The strength of the U.K. property market for foreign investors makes this an ideal situation for us."

The Sotheby's International Realty network has approximately 500 offices in 38 countries and territories worldwide. Countrywide has a network of 1200 offices in the UK incorporating 41 brands.