28/03/2017 - 15:16

Beaufort Realty joins Ausnet agency network

28/03/2017 - 15:16

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Beaufort Realty joins Ausnet agency network
Ausnet has made two major acquisitions to its real estate agency business since listing on the ASX last year. Photo: The Agency Booragoon

Ausnet Financial Services has beefed up its real estate agency network, acquiring Mount Lawley's Beaufort Realty in a deal worth $2.56 million.

ASX-listed Ausnet, which operates a real estate platform known as The Agency as well as a range of mortgage broking, settlement, investment and financial planning services, announced today it would acquire Beaufort Realty, which will continue to operate under its established brand.

Following completion of the acquisition, Ausnet said The Agency would employ 35 staff in Western Australia, and 17 nationally.

Beaufort Realty was founded in January 2009 by Pam Herron, Jon Adams and Christine Kirkness, servicing Mount Lawley, Maylands, North Perth, Inglewood, Highgate and Yokine.

Ms Herron said Beaufort Realty carried around 30 to 40 listings at most times.

The acquisition is part of Ausnet’s plan to build The Agency into one of WA’s largest real estate groups, targeting the recruitment of more than 100 sales representatives in the state, to deliver more than 1,000 property transactions each year.

Across Australia, the group is aiming to have more than 600 sales representatives.

Ausnet’s financial services arm is backed by Finsure Group, which writes more than $1 billion in new mortgages each month across Australia.

Ausnet listed on the ASX via a reverse takeover of Namibian Copper last year after raising $5.8 million through a share offer that was heavily oversubscribed.

Patersons Securities and Transocean Securities jointly underwrote the raising, which was priced at 2 cents per share.

Ausnet expanded to the eastern states in January this year, following its acquisition of Top Level Real Estate Pty Ltd, a 17-agent-strong real estate agency that operated in New South Wales, Queensland and Victoria.

At close of trade today, Ausnet shares were down 0.02 cents, at 2.5 cents.

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