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After much toing and froing (and market speculation), the well talked-about The Agency/Top Level deal has finally landed, with all conditions precedent to the transaction having been satisfied late last night.
The Agency Group Australia has acquired all of the issued shares in Top Level Real Estate and has also raised the required $8.4 million via the issue of 28 million shares at 30c per share.
The Agency managing director Paul Niardone said that with the addition of Top Level, The Agency Group is the only single-owner national real estate business having two prominent brands: The Agency and Sell Lease Property.
“This company-making transaction is a significant milestone in the short history of The Agency and further cements our position as the fastest-growing disruptive real estate group in the country,” he said.
“It will see the addition of a highly experienced east coast real estate sales and project marketing team, significant property management portfolio and extensive sales pipeline.”
Top Level CEO and, following settlement of the acquisition of Top Level, executive director of The Agency Matt Lahood said that he was pleased the deal is done.
“We are excited that our transaction with The Agency has now been completed, making us Australia’s leading disruptive, high-growth real estate brand.
“With this transaction finalised, we are focusing on significantly enhancing our already impressive east coast offering and results, to the benefit of our national business.”
More to follow.
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