Tuesday, March 19, 2024

Property Brokers strengthens South Island presence

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Real estate company Property Brokers has bought Otago-based Southern Wide Real Estate, extending its reach in the South Island.
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Chief executive Bill Highet says this takes the company’s network to 70 branches with representation from Waikato to Wairarapa, Canterbury, West Coast and now Otago.

Highet says the recent purchase of a small real estate business from Farmlands gave them a presence in North Otago but acquiring Southern Wide gives them offices throughout Otago.

Property Brokers started in Palmerston North in 1986 and Highet says it never pursued a strategy of nationwide expansion.

“Very few deals have come from looking for an acquisition, it is just something that has come up in conversation and a deal has evolved,” he said.

Southern Wide Otago managing director John Faulks says the two businesses have a similar culture.

The deal applies from October 1 and the enlarged entity will employ 750 staff across 70 locations selling farms, lifestyle, residential and commercial property and managing 6000 rental properties.

Faulks will be the Otago regional manager.

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