Knight Frank and Bayleys make bid to buy out Australian real estate giant
John McGrath announced he would remain as CEO and managing director of McGrath Limited as the real estate company’s board recommended the sale to shareholders
2 min
Australian real estate industry leader John McGrath and the board of ASX-listed McGrath Limited are backing a $95.5 million buyout offer from a consortium comprising global property behemoth Knight Frank and New Zealand’s largest full-service real estate group, Bayleys.
McGrath has entered into a scheme implementation deed through which the consortium would acquire 100 percent of McGrath’s share capital by way of a scheme of arrangement.The consortium has offered to buy McGrath at 60 cents per share, which is a 27.7 percent premium on the closing price of McGrath shares the day before the announcement. Shareholders can also elect to receive an unlisted scrip alternative or a combination of both instead.
McGrath founder and CEO, John McGrath intends to elect to receive the unlisted scrip alternative for his stake, which represents about 23.3 percent of McGrath stock on issue. The McGrath board, which holds or controls about 48.1 percent of issued stock, unanimously recommends that shareholders vote in favour of the scheme — unless there is a superior proposal — and subject to an independent expert concluding the deal is fair and in shareholders’ best interests.
Under the deal, Mr McGrath would continue in his role as CEO and managing director. Mr McGrath said he was looking forward to taking advantage of the opportunities available through his new international partners, with whom he said his agency shares “common values and cultures”. Mr McGrath said the network’s franchisees, agents and customers would benefit from the consortium’s global networks, expertise and access to high-net-worth clients.
The scheme is subject to conditions, including approval by McGrath shareholders at a scheme meeting, which will likely be held in June. If the scheme is implemented, McGrath will be delisted from the ASX. The McGrath board is entitled to declare and pay a dividend prior to the scheme’s implementation, in which case the scheme consideration would not be reduced by the cash amount of the dividend.
Knight Frank CEO of Australia, James Patterson, said: “The acquisition would allow Knight Frank to have a leading position in residential and commercial real estate in Australia, creating a full-service real estate capability to support and advise clients and customers.”
Mr Patterson said the three brands would continue to operate as they are now under the deal. Bayleys managing director, Mike Bayley, commented: “The ability to share ideas and innovations as well as systems and information will add considerable value to our clients across Australasia.”
McGrath was founded in 1988 and listed on the ASX in 2015. A scheme booklet will be prepared and lodged with the Australian Securities and Investments Commission for review in due course. Meantime, shareholders can review further details in an investor presentation lodged with the ASX.
Powerhouse real estate couple Avi Khan and Kaylea Sayer welcome their daughter while balancing record-breaking careers, proving success and family can grow side by side.
Warmer minimalism, tactile materials and wellness focused layouts are redefining luxury interiors as homeowners design for comfort, connection and lasting appeal.
Award-winning Byron hinterland estate Amileka returns to market, blending architectural pedigree, celebrity history and lucrative luxury retreat appeal.
2 min
A Byron Bay hinterland trophy home that once starred on Love Island Australia has resurfaced for sale after making a brief appearance on the market last year.
Amileka in Federal, 24kms from the famous shores of Byron Bay, was listed for a short time in July with a guide of more than $8m, but is now asking $7m to $7.7m with Sotheby’s agent Will Phillips via an expressions of interest campaign, closing on March 12, at 5pm.
The contemporary homestead on 10ha last sold for $9.5 million during the regional post-pandemic boom in 2022. Since then, the iconic house has been earning its owners thousands of dollars a night as a glamorous short term rental.
Built in 2008, Amileka took home the Australian Institute of Architects (NSW country division) Architecture Award in the same year. The minimalist design on secluded Blackbean Lane was crafted by architect owner Sharon Fraser and her husband, Steve Esson.
Tom Lane, of the Oroton fashion family empire and his stylist wife Emma, then bought Amileka for $4 million in 2011. They sold up in 2015 for $3.5 million to the Johnson family, who offered up the compound to feature as the Love Island home for the Channel 9 dating show’s third season in 2017.
Later, in 2022, the remote residence was snapped up by Mikaela Lancaster, Spotify Australia managing director, and her husband Mark Britt, founder of video-streaming platform Iflix. Lancaster and Britt are now seeking Amileka’s next custodians.
The main home has a large sunken lounge room and a spacious dining zone seamlessly connected to the gourmet kitchen and multiple outdoor terraces. In the designer gas kitchen there are stone surfaces including a big island bench, and a discreet but large butler’s pantry.
Created for grand scale outdoor entertaining, Amileka’s alfresco options include a central courtyard, level lawns with rolling district views punctuated by ancient Black Bean, fig and pandanus trees, plus an 18m by 5m pool and a fire pit.
Internally, the house features a stately formal entry, honed concrete floors with solar hydronic heating, bespoke cabinetry, walls of windows to capture the leafy outlook, a dedicated media room, and five bedrooms.
Off the primary suite there is a large walk-in wardrobe, an ensuite with bidet and a private hot tub, plus the house has two more family-friendly bathrooms.
Additionally, the estate also has a three-bedroom caretaker’s cottage with its own swimming pool.
Famous for its legendary lush vistas, untouched rainforest and waterfalls, the Byron Hinterland is also known for picturesque sleepy villages such as Bangalow and eclectic fine dining options.
Federal is home to a small general store, the popular Doma Cafe, and is approximately a 25-minute drive from Byron Bay, 35 minutes to Ballina Airport and 50 minutes to Coolangatta International Airport.
Amileka in the Byron Bay hinterland is for sale with Sotheby’s International Realty via an expressions of interest campaign, closing on March 12, 5pm.
The era of the gorgeous golden retriever is over. Today’s most coveted pooches have frightful faces bred to tug at our hearts.
Formula 1 may be the world’s most glamorous sport, but for Oscar Piastri, it’s also one of the most lucrative. At just 24, Australia’s highest-paid athlete is earning more than US$40 million a year.
