Farmlands Real Estate and Property Brokers entered into a strategic partnership on the 15th of November, combining their strengths to establish a specialised, nationwide real estate and property management service with aspirations to lead the provincial realty market.
Property Brokers took over the day-to-day real estate business created by the agreement. However, Farmlands Real Estate continued to administer its property management portfolio and its West Coast real estate sites, pending Commerce Commission clearance.
Commerce Commission Chair Anna Rawlings said they are satisfied that the acquisition is unlikely to substantially lessen competition in any New Zealand market.
This clearance means the partnership benefits for customers can now be realised in all regions.
Bill Highet, Chief Executive Officer of Property Brokers, says, "We are thrilled to have the West Coast arm of Farmlands Real Estate join the Property Brokers family. Our strategic partnership with Farmlands in other provincial areas throughout the country is already working very well and, with all uncertainty now removed, we look forward to working closely with them on the West Coast as well."
The Commerce Commission granted clearance for Property Brokers to acquire Farmlands’ West Coast real estate and property management business after investigating the key competition issues.
Farmlands Director – Agri Products and Services, Andrew Horsbrugh says the decision is a great result for its 70,000 shareholders, with real estate services a key part of the co-operative.
“We are committed to making sure our shareholders have access to the services they need to succeed in business. More customers up and down the country will now have access to specialised rural, lifestyle and residential real estate services and property management," Andrew says.
The long-term strategic partnership between Property Brokers and Farmlands Real Estate will provide a broader footprint, increased scale, more resources and improved service for customers, including Farmlands' shareholders and Property Brokers' provincial client base.
Property Brokers now owns and manages the day-to-day real estate business created from the agreement. Farmlands Co-operative will continue to support real estate through its extensive network, events, customer loyalty programme and shareholder discounts.
Background
Property Brokers is one of New Zealand's most prominent provincial real estate and property management providers, with more than 33 years of experience, and offers real estate services from offices throughout New Zealand.
On the West Coast of the South Island, Property Brokers operates from offices in Westport, Greymouth and Hokitika.
Property Brokers' network currently consists of 64 branches and more than 700 staff nationwide.
Farmlands Co-operative was established over 50 years ago to reduce farmers’ input costs and is now the nation's largest farmer-owned co-operative. Its extensive network of stores, services and staff are supported by the buying power of the Farmlands Card.
On the West Coast of the South Island, Farmlands Real Estate operates from offices in Westport and Hokitika.
