McGrath sells shares in REA

McGrath sells shares in REA

by 1 comments

Real Estate mogul John McGrath has sold most of his shares in the REA group, netting himself a tidy $14.4 million.

REA Group, which was established in 1995, is the country’s largest operator of residential and commercial real estate websites.

According to a report in The Australian, Mr McGrath yesterday sold two million shares at $7.20 each.

While Mr McGrath declined to comment, a spokesperson told the daily that he had sold his shares to diversify his investment portfolio.

Despite being left with only 139,086 shares, the spokesperson said that Mr McGrath would remain on the Group’s board.

“He is still very much a believer in the company,” the spokesperson said.

Mr McGrath is a past chairman of REA and has been on the board since it was listed in 1999.

Real Estate mogul John McGrath has sold most of his shares in the REA group, netting himself a tidy $14.4 million.

REA Group, which was established in 1995, is the country’s largest operator of residential and commercial real estate websites.

According to a report in The Australian, Mr McGrath yesterday sold two million shares at $7.20 each.

While Mr McGrath declined to comment, a spokesperson told the daily that he had sold his shares to diversify his investment portfolio.

Despite being left with only 139,086 shares, the spokesperson said that Mr McGrath would remain on the Group’s board.

“He is still very much a believer in the company,” the spokesperson said.

Mr McGrath is a past chairman of REA and has been on the board since it was listed in 1999.

promoted content
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast
reb top 100 agents 2016

With a combined sales volume of $13 billion in 2016, the Top 100 Agents ranking represents the very best sales agents in Australia. Find out what sets them apart and learn their secrets to success.

featured podcast

featured podcast
How this agent's commitment to clientele built him a 25k-strong client base

In this episode of Secrets of the Top 100 Agents, host Tim Nearly talks to RT Edgar’s Glen Coutinho who ranked number six in this year’...

View all podcasts

How difficult is it to maintain a good work/ life balance?

Very – if I’m having balance my competitors are working
Not – I schedule the time into my calendar in advance
A little – It’s scheduled, but something always crops up
Work/ life balance – what’s that?
Do you have an industry update?