Liberty sells real estate business
Liberty has sold its New Zealand real estate operations to focus on Mike Pero Mortgages.
Wednesday, December 20th 2023, 6:58AM
Mike Pero Real Estate, which has 55 national franchise offices, has been sold to Australian realtor Raine & Horne.
Raine & Horne executive chairman Angus Raine said purchasing the "heritage brand" marked another part of the group's "strategic and aggressive" expansion trajectory in New Zealand.
The deal includes a strategic and exclusive partnership with Mike Pero Mortgages to deliver financial solutions to New Zealand customers.
The transaction value of the purchase wasn't disclosed, though Mike Pero Group reported operating income of $69.7 million for the year to June 2023. Profit after tax fell from $5.1 million in 2022 to to $1.1 million.
Liberty New Zealand managing director Aaron Skilton said the transition to the new brand will take place early next year. The business will continue to be headquartered in Christchurch.
As a result of the acquisition, the network will be rebranded as Raine and Horne, with the Mike Pero Group discontinuing its real estate operations to “focus on its financial services capabilities”, the statement said.
Skilton described the sale and ongoing strategic partnership as a “win-win for everyone involved”.
“Being part of a heritage real estate business with the scale, expertise and capability of Raine & Horne represents an incredible opportunity for our business owners, agents - and ultimately Kiwi clients,” Skilton said.
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