The PICA Group (Prudential Investment Company of Australia) has acquired Ace Body Corporate Management, marking one of the most significant acquisitions yet in Australian strata management.
The acquisition sees the PICA Group obtaining the franchisor rights to 118 nationally operating Ace franchised branches as well as gaining full ownership and management of Ace’s largest franchise branch in Melbourne.
With more than 200,000 lots already under the PICA Group’s management, this will add another 60,000 lots to its portfolio of residential, commercial and mixed-use properties.
The PICA Group is Australia’s largest strata management company, operating 15 well-known brands across New South Wales, Victoria and Queensland, including Body Corporate Services, NSW Strata Management, Dynamic Property Services and GK Strata Management.
PICA Group managing director and CEO Greg Nash said that he was expecting the acquisition to have substantial consequences.
“This acquisition will allow the PICA Group to expand our range of property and strata management services nationally.
“Ace is a great strata brand with a great team of strata professionals. We are delighted to welcome the Ace team into the PICA Group family.”
Mr Nash said that according to the Australian National Strata Data 2018 report, about 9 per cent of Australia’s population currently live in apartments, and that this percentage is expected to increase.
He added that improved building compliance and common property management is therefore becoming ever more important.
“Our vision is to be at the forefront of driving industry change in order to enhance community living for our many customers,” Mr Nash said.
Ace Body Corporate Management CEO Stephen Raff said that the move would provide a significant upside for the Ace business.
“For our franchise operations, leveraging the PICA Group’s strengths enables us to offer additional services such as facilities management, repairs and maintenance services, energy savings and sustainability initiatives such as NABERS for Apartment Building assessments, behind-the-door services and a more varied range of insurance products to almost 3.4 million residents.
“This includes utilising the PICA Group’s newly developed Urbanise cloud-based software and services platform to automate administrative and operational functions to vastly improve the overall customer service experience.”