Real Estate Investar Group Limited (ASX:REV), the leading provider of online investment services to Australian and New Zealand property investors, has signed an agreement to acquire the assets of The Property Factory Limited for NZ$550,000, payable in cash on completion.
The Property Factory, based in New Zealand, has extensive experience in investment property sales as well as access to exclusive listings in New Zealand that are relevant to the Real Estate Investar membership base.
The acquisition accelerates Real Estate Investar’s property sales business by providing the skills and capabilities to sell investment grade properties, in many instances at wholesale prices.
The property sales business is expected to generate significant revenue growth from sales commissions and associated services.
Clint Greaves, the CEO of Real Estate Investar, said; “The Property Factory acquisition expands Real Estate Investar’s operations into investment property sales in both New Zealand and Australia and allows us to capture commission based revenues from the sale of investment grade real estate to our 190,000+ members.
“As we learn more about our members we will be able to quickly and easily provide them with the right investment grade property and at the same time access the commission stream associated with the sale of that property.“
The Property Factory CEO, Campbell Venning, has joined The Real Estate Investar Group as Head of Property. He is responsible for offering buyer’s agency, house and land, and off-the-plan packages to Real Estate Investar’s extensive property investor membership base.
“The opportunity to join the Real Estate Investar Group is a significant one – the company has a high level of engagement with property investors throughout Australasia, and I am excited to be able to help those 190,000+ members secure even better investment property opportunities” said Venning.