Knight Frank and New Zealand-based real estate company Bayleys have acquired Australian residential real estate group McGrath.
Knight Frank and Bayleys finalised the acquisition of a controlling stake in McGrath via a scheme of arrangement, which was implemented on 27 June.
The two companies have had a strategic relationship since 2018 and the acquisition of McGrath has seen the residential real estate network return to private ownership after being listed on the ASX since 2015.
McGrath’s new board of directors will comprise McGrath founder and CEO John McGrath, Knight Frank Australia CEO James Patterson, Knight Frank head of residential Rupert Dawes, Bayleys managing director Mike Bayley and Bayleys finance director Ken MacRae. John McGrath will continue as chief executive and managing director of McGrath and will retain his 23.3% shareholding in the company.
McGrath said: “We are delighted to be joining forces with two of the greatest real estate brands in the world. Knight Frank is the most prestigious residential agency globally and provides us and our customers with instant access to the best global network and the most sophisticated international buyers in the world.
“Direct access to international buyers, especially high net worth residential buyers, is fast becoming a must-have if you want to compete in the premium end of the market. And over 50,000 Australians and Kiwis swap addresses across the ditch each year and they all need access to great property so one shouldn’t underestimate the value of having NZ’s leading real estate company, Bayleys, as our partner.
“Our goal is to build Australia’s leading and finest real estate brand over the next few years and this new partnership and network puts us in an extraordinarily strong position to do just that.”
Will Beardmore-Gray (pictured), senior partner and group chair, Knight Frank, added: “At Knight Frank, our ambition is to continually expand our horizons. This new venture gives us a substantial and immediate foothold in the Australian residential real estate sector, courtesy of a distinguished brand poised for exponential growth. The partnership elevates Australia and New Zealand to one of the largest regions within our global network, with the number of offices in Australia surpassing even our UK business.
“Knight Frank, McGrath and Bayleys share a common ethos and objectives underpinning our partnership. Our collective dedication to exceptional client service is ingrained in a rich legacy of quality. As we embark on the next chapter of our journey, we’re confident that our collaboration will enrich the customer experience and broaden our clients’ reach within a trusted global real estate network.”
