Liberty sells real estate business

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.