Deal includes partnership with Mike Pero Mortgages
Raine & Horne has acquired the Mike Pero Real Estate network in New Zealand, which will result in a rebranding of its real estate operations.
The Australian real estate firm has agreed on a strategic partnership with Mike Pero Mortgages, which will continue to focus on its financial services capabilities.
In a media statement released by Raine and Horne on Tuesday, the company said that it had acquired the nationwide Mike Pero Real Estate network in New Zealand, comprised of 55 franchisees and 120 licensed real estate agents.
As a result of the acquisition, the network will be rebranded as Raine and Horne, with the Mike Pero Group discontinuing its real estate operations to “focus on its financial services capabilities”, the statement said.
Raine & Horne said it would work exclusively with Mike Pero Mortgages to deliver financial service solutions to its New Zealand customers.
Raine & Horne executive chairman Angus Raine (pictured above right) acknowledged the longstanding presence of the Mike Pero brand and recognised its significant contribution to the New Zealand real estate landscape, particularly in Christchurch and the South Island.
Upon its entry into the New Zealand real estate market in early 2023, Raine & Horne has opened 13 offices across the North Island.
“Mike Pero Real Estate is a strong heritage business, like Raine & Horne, made up of passionate owners and agents who we look forward to serving, developing and growing as we have done in the gold and charcoal successfully for decades worldwide,” he said.
Acknowledging that the property market showed renewed activity, Raine said that demand for a major real estate brand such as Raine & Horne in New Zealand was evident, and that there was “significant appetite” for an alternative brand with the ability to drive growth.
Raine said that similarities between the real estate markets in New Zealand and Australia and the ties between the countries were “instrumental” in the firm’s aggressive expansion into the New Zealand market.
“There’s a notable alignment in our agency practices, paving the way for our successful expansion,” he said.
Mike Pero Mortgages to continue
Aaron Skilton (pictured above left) NZ CEO of Liberty Financial Group and managing director of Mike Pero Real Estate described the sale and ongoing strategic partnership as a “win-win for everyone involved”.
“Being part of a heritage real estate business with the scale, expertise and capability of Raine & Horne represents an incredible opportunity for our business owners, agents - and ultimately Kiwi clients,” Skilton said.
“While the Mike Pero Real Estate network will undergo a name and ownership change, our iconic Kiwi brand will continue through Mike Pero Mortgages, with the two businesses (Mike Pero Mortgages and Raine & Horne) working closely together to leverage the core capabilities of what each of us do best.”
Skilton said that the company is ”very proud” of its real estate network and level of dedication and that it is confident that the existing level of dedication to clients will continue under the new model.
The official transition from Mike Pero Real Estate to Raine and Horne will commence in early 2024. Operations will continue seamlessly for clients in the meantime and throughout, the companies said.
Established in 1883, Raine & Horne has over 350 offices worldwide, including in New Zealand, Australia, Asia, the South Pacific, India and the Middle East.
The intention is for the newly acquired business to be headquartered out of Christchurch, the traditional home of Mike Pero Real Estate.
Liberty, which owns Mike Pero Group, is the event partner for the 2024 NZ Mortgage Awards.
Liberty Financial was also awarded as the Best Mortgage Companies to Work for in New Zealand. Read more here.
What do you think about Raine & Horne acquiring the Mike Pero Real Estate network? Share your thoughts in the comments section below.
