The valuation of The Agency will reach $30 million in the wake of a deal to acquire East-Coast business Top Level Real Estate.
Having halted trading in order to raise the minimum of $10 million required to acquire Top Level, The Agency recently acquired the necessary funds by way of $8.4 million in investors’ capital and the remainder from an agreement to convert $5 million of Top Level into shares – for $13.4 million total.
Both The Agency and Top Level operate as ‘disruptors’ within the market, providing an alternative to big real estate entities.
Top Level is an off-shoot of McGrath Real Estate, fronted by former McGrath head of sales, Matt Lahood, and ex-McGrath agents – with its acquisition of Top Level, The Agency is an expanding real estate force.
The Agency acquired Sell Lease Property late last year, running The Agency and Sell Lease Property as two independent brands. In light of The Agency’s most recent acquisition, these two brands will encapsulate 293 agents, as well as property management and mortgage broking arms.
“You have to remember we built this business in WA during this bad market and that is when disrupters really grow,” The Agency director Paul Niardone told The Australian Financial Review, adding that they aimed to “move ahead and take advantage” of the current state of the market.