Barfoot & Thompson buys stake in Lodge Real Estate as it eyes markets beyond Auckland2 min read
True estate company Barfoot & Thompson has purchased a 50% stake in Hamilton’s Lodge Authentic Estate.
Barfoot & Thompson has acquired a main stake in Lodge Real Estate as it makes a participate in for the Hamilton residence current market.
The Auckland-primarily based company has taken a 50% shareholding in Lodge, efficient from June 30.
Lodge controlling director Jeremy O’Rourke retains a 50% shareholding.
Barfoot & Thompson has far more than 80 branches across Auckland and Northland and has a lengthy-term strategy to develop into a sizeable participant in Hamilton and Tauranga.
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The agency acquired director David Couch’s 50% stake in Lodge.
Peter Thompson, managing director of Barfoot & Thompson, mentioned the Auckland – Hamilton – Tauranga financial triangle is turning out to be more and more interdependent. The company’s strategy is to “participate in its growth”.
“Over time, we will also become fewer dependent on Auckland,” Thompson claimed in a assertion.
“When David Couch approached me to take into consideration buying his shares, I was honoured. That’s simply because our two businesses have equivalent values. We are the two targeted on our men and women, we’re spouse and children-owned, [and] we have sturdy marketplace share …”
Lodge will go on to work beneath its have brand. The company opened its first branch in Hamilton’s Victoria St in 1969.
O’Rourke explained the change in shareholding will not affect Lodge’s day-to-day operations. The new partnership will, nonetheless, open up up new enterprise options for both authentic estate businesses.
“I imagine more than time our corporations can use our collective experience and strengths to go right after new opportunities in the marketplace,” O’Rourke explained.
“For instance, the imminent opening of the Waikato Expressway implies Auckland is closer than ever right before to our Hamilton foundation, and this presents the opportunity for our groups to function collectively to protected business enterprise along the Waikato-Auckland corridor.”
In 2014, Lodge acquired a stake in Cambridge True Estate.