A major American estate agency franchise is launching in the UK.

Coldwell Banker Real Estate and a new company, GBRE Ltd, based in London, have signed a master franchise agreement. GBRE will operate Coldwell Banker Great Britain, to be led by managing director Vic Pegna.

A fellow director of GBRE is Stuart White, the former UK master franchisee of another American property giant, Century 21.

The two men are currently at a conference in Chicago, being introduced to the Coldwell Banker global network and giving a presentation on the UK property market.

The new UK business will initially focus on London, with plans to expand into England, Wales and Scotland.

Coldwell Banker Real Estate has a global network of 3,000 offices in, with the addition of the UK, 44 countries, with some 88,000 staff.

It describes itself as the oldest national real estate brand and franchisor in the United States.

Budge Huskey, president and CEO of Coldwell Banker Real Estate, said: “There is no doubt that expansion into Great Britain was paramount to our continued international growth.

“The region reflects similarly to the US housing market with approximately 65% home ownership rate and an improving economy.

“London itself itself ranks as one of the world’s top financial centres and therefore is critically important for us.

“Vic and his management team, with almost 100 years of combined experience with operating real estate firms in Great Britain, are equipped to navigate the competitive landscape with a focus on growth.”

Pegna’s CV includes mortgage-related roles at Your Move and Countrywide. Another director listed at GBRE, which was formed late last year, is White.

White was formerly the Century 21 franchisee in the UK, from 2005 until November 2013, and previously worked at Countrywide.

US real estate firms currently active in the UK market include Century 21, Re/Max, Sothebys Realty, and Keller Williams, which launched in London last year.

Century 21 UK is now operated by financial and property business Shepherd Direct Group.