Knight Frank and Bayleys acquires third largest real estate firm in Australia
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Knight Frank and Bayleys acquires third largest real estate firm in Australia

The announcement follows shareholder and regulatory approvals being met

By Robyn Willis
Fri, Jun 28, 2024 11:48amGrey Clock 2 min

Knight Frank and Bayleys has completed its acquisition of leading Australian real estate firm, McGrath Limited, it was announced today.

The news follows regulatory and shareholder approval, with the Scheme of Arrangement coming into effect on June 17 and implemented on June 27.

McGrath Limited is the third largest real estate group in the country, according the data from CoreLogic, behind behemoth Ray White and stalwart LJ Hooker.

McGrath founder and CEO John McGrath said in a statement that he welcomed the move.

“We are delighted to be joining forces with two of the greatest real estate brands in the world,” Mr McGrath said. “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.

“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.”

John McGrath will stay on as CEO and managing director under the new terms of the agreement with Knight Frank and Bayleys.

Between them, Knight Frank and McGrath have 171 offices across Australia and Knight Frank is the largest privately owned real estate agency in the world with more than 740 offices worldwide.

Mr McGrath will remain at McGrath Limited as chief executive and managing director and retain his 23.3 percent shareholding in the company. Mr McGrath will also be on the new board of directors, along with Knight Frank Australia CEO James Patterson, Knight Frank Global head of residential Rupert Dawes, Bayleys managing director Mike Bayley and Bayleys finance director Ken MacRae. 

Mr Patterson, CEO at Knight Frank Australia, said the acquisition represented a significant milestone in the company’s international expansion.

“McGrath is a great fit culturally,” he said. “We are aligned on many areas including our values, how we operate and our brand positioning. The Knight Frank, Bayleys and McGrath teams will continue to operate on a ” business as usual” basis, but with each party gaining access to vastly broadened networks, stretching across multiple borders, unlocking greater opportunities for our clients.”

 



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Jennifer Lopez and Ben Affleck have officially put their massive Los Angeles mansion on the market for $68 million.

The lavish Beverly Hills property hit listing sites on Thursday, months after rumours began that the couple, who are reportedly estranged , were shopping the home around only a year after buying it for nearly $61 million.

The roughly 5-acre property—which is in a gated community and spans a massive 38,000 square feet—includes an indoor sports court with an adjacent gym and games room, according to the listing with Santiago Arana of the Agency. The firm declined to comment.

Lopez and Affleck paid $60.8 million for the compound in 2023.
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Built in 2000, the house has 12 bedrooms and a whopping 24 bathrooms. The resort-sized property has the amenities to match, including a V-shaped pool with views over the surrounding hills, a detached two-bedroom guardhouse and a 5,000-square-foot guest penthouse, according to the listing.

Listing images of the house show that Lopez and Affleck have spent the past year warming up what were fairly white-washed interiors when they purchased the home. There’s now a rich, green-painted dining room, hardwood floors and carpeted over cold, polished-stone flooring.

The couple, who got married in 2022 after reuniting some 20 years after they called off their engagement in the early 2000s, purchased the megamansion following a house hunt that went on for several months, The Wall Street Journal reported at the time.

Representatives for Lopez, 54, and Affleck, 51, did not immediately respond to requests for comment.

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