The Agency Group Australia has wrapped up the acquisition of three wholly-owned subsidiaries from ServTech Global Holdings Limited including its fast-growing real estate agency Sell Lease Property.
The Agency’s wholly-owned subsidiary, Vision Capital Management Ltd, has now received a real estate agency licence from the Western Australian Department of Mines, Industry, Regulation and Safety.
Receipt of the licence means all conditions precedent have now been satisfied and settlement of the transaction has now been completed.
The Agency Group intends for Sell Lease Property Ltd to remain as a standalone business, while Complete Settlements Pty Ltd (conveyancy business) and Value Finance Pty Ltd (mortgage broking business) to merge with the existing conveyancing and mortgage broking businesses of the company.
The Agency Group Australia managing director Paul Niardone said the acquisition has created Australia’s only national real estate group with two distinct brands, targeting distinct markets.
Importantly, by having these independent brands, we can now appeal to those sales agents who want exclusive marketing areas as well as those who don’t want to be restricted to areas,” he said.
“This significantly increases our recruitment potential to become the national leader in real estate.
“Under the management of The Agency Executive Director Matt Lahood, we will now accelerate the roll-out of The Agency and SLP brands nationally, replicating the significant success in the WA real estate market where both brands now dominate.
“We are already witnessing the strategic benefits of this acquisition with the combined group in January 2018 ranked 4th for properties sold nationally.”
Since the proposed acquisition was announced, the bulk of Sell Lease Property Ltd property consultants signing new employment contracts with The Agency Group (93 in WA, 9 in QLD and 8 in Victoria);
In WA, where both brands have largest footprint, The Agency Group and Sell Lease Property Ltd continue to dominate sales rankings (number and value of sales), with January results of:
- Sell Lease Property top office for listings sold (64) with The Agency Group second (61 listings sold) – with next best having 30 listings sold.
- The Agency Group ranked number one for value of sales ($37 million), with Sell Lease Property second ($25 million).
The news comes after The Agency Group recently announced successful completion of financial, legal and technical due diligence of the SVT Companies.
Shares in The Agency Group were at 1.9c in Wednesday morning trade.