Australian real estate brand Raine & Horne is expanding its reach after acquiring the nationwide Mike Pero Real Estate network in New Zealand and agreeing on a strategic partnership with Mike Pero Mortgages.
As part of the acquisition, the Mike Pero Real Estate network, which includes 55 franchisees and 120 licensed real estate agents, will be rebranded as Raine & Horne.
The intention is for the newly acquired business to be headquartered out of Christchurch which is the traditional home of Mike Pero Real Estate.
Mike Pero Group will now focus on its financial services capabilities through Mike Pero Mortgages.
Raine & Horne, Executive Chairman, Angus Raine said the Mike Pero brand has been a significant contributor to the New Zealand real estate landscape, particularly in Christchurch and the South Island.
“Mike Pero Real Estate is a strong heritage business, like Raine & Horne, made up of passionate owners and agents who we look forward to serving, developing and growing as we have done in the gold and charcoal successfully for decades worldwide,” Mr Raine said.
Raine & Horne embarked on a strategic and aggressive expansion trajectory upon its entry into the New Zealand real estate market in early 2023.
Since then, the 140-year-old family-owned network has opened 13 offices across the North Island.
“With the property market once again showing healthy signs, the demand for a major real estate brand such as Raine & Horne in New Zealand is evident,” Mr Raine said.
“With each of our current 13 offices all rebranding from rival networks, there is significant appetite for an alternative brand with the size, technology, heritage and capability to drive growth.”
Mr Raine said there are a number of similarities between the real estate markets in New Zealand and Australia, along with close ties between the two countries.
“There’s a notable alignment in our agency practices, paving the way for our successful expansion,” he said.
CEO of Liberty in New Zealand and Managing Director of Mike Pero Real Estate, Aaron Skilton, said the sale and on-going strategic partnership is 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,” Mr Skilton said.
“While the Mike Pero Real Estate network will undergo a name and ownership change, our iconic Kiwi brand will continue through Mike Pero Mortgages, with the two businesses working closely together to leverage the core capabilities of what each of us do best.”
“We’re very proud of our real estate network, and their dedication to their clients across New Zealand, we feel very confident that will continue to everyone’s benefit under the new model.”
The official transition from Mike Pero Real Estate to Raine and Horne will start to take place in early 2024.