CB Richard Ellis has announced its plans to expand its footprint in the real estate industry, with the purchase of Megaw & Hogg National Valuers.
Megaw & Hogg National Valuers, which is currently owned by RP Data, provides over 110,000 residential valuations per annum to mortgage providers and financial institutions.
Australia and New Zealand CBRE chief executive officer Tom Southern said the acquisition was highly strategic and would almost double the size of CBRE’s existing residential valuations team, which currently encompasses approximately 150 staff in the Pacific Region.
“By acquiring Megaw & Hogg, we will solidify our position as the largest wholly owned residential valuations practice in Australia and the national provider of choice in this area.”
Mr Southern also said that the firm had already been growing its residential valuations business over the past six years, both organically and via a series of strategic acquisitions.
“The acquisition will also provide for critical mass. It will give us scale in markets where we have been growing organically, an enhanced national presence, and also will allow us to build on efficiencies of scale and quality.”