Ausnet spruiks The Agency with takeover in mind
Perth-based Ausnet Financial Services has told the ASX it is positioning for a takeover.
The Perth-based Ausnet Financial Services group, controller of new real estate group The Agency, says it is positioning to become a takeover target if it can hit ambitious revenue goals.
Ausnet launched the first high-profile Australian real estate agency in several years recently and has taken an option to buy the Top Level Real Estate Group within the next 12 months. Top Level Real Estate Group is peppered with at least six former McGrath agents who have recently departed the network.
To date, Ausnet claims it is achieving six times the standard industry referral rates while one of its goals, according to yesterday’s Australian Securities Exchange statement, is “to become an attractive takeover target”.
Ausnet said yesterday it was on target to achieve 30 per cent revenue growth for the 2017 financial year, amid revenues of $4.3 million.
Ausnet said its goal was to earn real estate fees of $5.72 billion per annum on top of finance fees of $1.8bn per annum and to “expand and be regarded as the most reliable and trusted fully integrated financial services and real estate company in the Asia Pacific”.
Ausnet said The Agency’s listings were up 30 per cent in the 2016 second half compared with the first half.
Former McGrath agent Matt Lahood will start as chief executive of The Agency on April 3 and Steven Chen, another former McGrath staffer, has been appointed director of projects.
Former high-earning McGrath agents Ben Collier of Sydney’s eastern suburbs and Shad Hassen of the inner west have also joined The Agency as property partners.
Since announcing the acquisition of The Agency in January, 18 properties valued at $54.3m have sold, while The Agency has 26 listings on the market with a total value of $127.5m. It has 66 contracted real estate agents although some are yet to start.
Ausnet chief executive Paul Niardone was not available to comment before deadline.
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