The Agency Group Australia (ASX: AU1) via their wholly-owned subsidiary Ausnet has completed the acquisition of Top Level Real Estate – also known as The Agency East Coast.
The announcement was made via the ASX last night.
In addition to acquiring all of the shares in Top Level Real Estate, they have also raised $8.4 million via the issue of 28 million shares at 30c per share.
It is understood from the release that Matt Lahood, CEO of Top Level Real Estate will commence as an Executive Director of the combined entity.
In the announcement, the Agency Managing Director Paul Niardone said, “We are only a start-up that has, in a very short space of time, achieved significant growth in terms of revenue, market share, and recruitment.
“Our target now is to become cash flow positive within 12 months while also focusing on national expansion opportunities.”
Matt Lahood says he is excited that the transaction with the Agency has finally been completed.
“With this transaction finalised, we are focusing on significantly enhancing our already impressive east coast offering and results and the benefit to our national business.”
He added that focus would now turn to the opening of a second office in Hawthorn, Victoria, and a new office on the Central Coast of NSW.
The Agency has also announced the completion the acquisition of Vicus Residential, a WA firm with four staff and 200 managements.
The Agency also acquired Sell Lease Property in December 2017. The completed acquisition of Top Level Real Estate brings the total number of agents with the brand to 293 with 4209 properties under management.
Now the acquisition has been completed, the current suspension of trading will be lifted this morning.