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.