McGrath snaps up another competitors practice for $1.6m

Company News

by Jessica Amir

McGrath Limited (ASX:MEA) has swooped on another real estate office, further expanding the group at a time when its shares have been falling on the past year.

McGrath inked a deal to buy the Sydney Sotheby’s International Realty - CBD and Pyrmont, for $1.6 million.

The office is a high performing sales agencies in Sydney’s CBD and northern CBD harbourfront market.

MEA will buy the business and assets, including the rent roll, of the business owned and operated by Richard Shalhoub, with the deal expected to be completed in early July 2019.

After settlement, McGrath Millers Point, Sydney CBD and it will be based in 27 Kent Street, Sydney.

It follows McGrath April agreement to also buy the business and assets and rent roll, from LJ Hooker Willoughby/Artarmon.

Shares McGrath Limited (ASX:MEA) closed 3.57 per cent lower at $0.27 yesterday. Year to date it’s trading 8.5 per cent lower.

Jessica Amir

Finance News Network
Jessica joined FNN in January 2017 after having worked in financial advising for seven years and in TV journalism for seven years, specialising in finance, equities and analysis. She has interviewed former Prime Ministers of Australia, Tony Abbott, Julia Gillard and Kevin Rudd and ex Treasurer Jo Hockey. Jessica has worked as a journalist with Sky News Business, ABC 1, ABC's The Business, ABC24 and has also been a regional Channel 7 and 9 TV reporter with Prime7 and Win News.