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Australia's Ausnet Real Estate closes acquisition of local peers

Property agency Ausnet Real Estate Services Pty. Ltd., a subsidiary of The Agency Australia Ltd., finalized the acquisition of all issued shares in local peer Top Level Real Estate Pty Ltd

Agency Australia also issued 28 million shares at 30 Australian cents apiece to raise the A$8.4 million required for the deal, according to a release.

Following the transaction, the company has 293 sales representatives across nine offices in Perth, Sydney, Melbourne and the Gold Coast, Australia. It will have 4,209 properties under management, 1,394 listings and a mortgage book valued at A$1.2 billion.

The group also closed the purchase of Vicus Residential Pty Ltd., the residential sales and management division of Vicus Group Pty Ltd. Agency Australia issued 2,666,667 shares and paid A$75,000 in cash for all issued shares in the target company after securing shareholder approval for the deal Nov. 15, 2018.

As a result, The Agency saw the addition of more than 200 rental properties to its Western Australia operations, mainly in Perth.