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The ASX-listed group has added Devine Real Estate’s entire sales and property management teams to its roster, as it looks to expand its geographical reach and boost its market position.
Led by Steven Devine, alongside directors Fayez Yammine and Aaron Papadimatos, the Inner West Sydney-based business, which recorded a total of $250 million in property sales over the last 12 months across four outfits in Strathfield, Concord, Drummoyne and Marrickville/Dulwich Hill, will rebrand as The Agency over the coming weeks.
Mr Devine explained the alignment comes after evaluating the changing needs of the business’s client base, as well as their desire to gain access to additional and emerging markets outside their current area of operations.
“We have come a long way from a single office in Strathfield in 1965 to a team of 60 real estate professionals across four hubs in 2023.
“While our local offices will continue to be run by the same property experts we have today, we will now have the backing and added strength of a nationally recognised company,” he stated.
Describing the rebrand as “the logical next step for our business,” Mr Devine cited the network’s national expansion plans as a key factor for the move.
Chief executive Geoff Lucas stated the family-owned business’s addition to the group’s ranks is in line with its goal of bringing together highly experienced real estate professionals under a model that “is more responsive to today’s property market”.
He further added the alignment supported the group’s growth strategy to expand its “geographical presence”.
“We are actively exploring new business opportunities and locations for future growth of The Agency. Areas like Sydney’s Inner West have seen an explosion of growth in recent times and the market knowledge and experience of Steven Devine and his team fits seamlessly into our operations,” he stated.
The acquisition increased the number of real estate professionals operating under The Agency’s brand to over 650 across the country while the number of properties managed by the group has climbed to above 8,000 at an estimated value of $6 billion.
Notably, MDC Trilogy Group, which owns 3,250 of the properties managed by The Agency, took on the acquisition of Devine’s property management assets, marking another step forward in the partnership between the two companies that was announced in November 2022.
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