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REAL ESTATE | 15 February 2011

Landmark and Harcourts announce Memorandum of Understanding to establish Real Estate Joint Venture


 

Landmark and Harcourts have announced that they have entered into a Memorandum of Understanding (MOU) regarding the establishment of a joint venture business for the marketing of rural and regional real estate in Australia.

 

Subject to completion of establishment agreements, the joint venture is due to commence operations on the 1st of April 2011. The joint venture will bring together two businesses, each having well in excess of 100 years of experience in the real estate sector, who combined represent over $20 billion in property turnover annually and operate from over 380 locations around Australia.

 

In announcing this agreement, Harcourts International Managing Director, Mike Green said the combination of the two entities would bring great benefit to both clients and staff, including improved scope to grow the business.

 

“Partnering with Landmark brings a depth of experience in rural markets, along with immediate brand recognition in regional Australia, which would have taken us at Harcourts decades to develop – it creates a real estate platform like no other,” Mr Green said.

 

Landmark Managing Director, Richard Norton said achieving sustainable success in specialist business lines such as real estate presented challenges for a broad rural services business, which the joint venture would resolve.

 

“Real estate is a specialist business that requires specialist focus to progress to the next level and Harcourts will bring that to the existing Landmark business. It will allow us, in combination, to become the pre-eminent real estate group in rural and regional Australia,” Mr Norton said.

 

“Landmark’s strength revolves around our staff and their relationships with our customers. This joint venture provides our staff with a market-leading suite of products and services that will enhance the service they can provide to their customers. It’s a win-win situation,” continued Mr Norton.

 

In addition to announcing the joint venture, Mr Green also said the partners would begin the process of recruiting a Chief Executive Officer to lead both the integration of the businesses and to drive an aggressive growth strategy over the short to medium term.

 

“We see this role as being one that will be attractive for a senior real estate or agribusiness specialist who is looking to be part of an exciting new enterprise and has the drive to mould the business into an industry leader.

 

“The joint venture will also be looking to expand operations through the recruitment of new franchisees in selected locations across Australia and we will be actively targeting growth in specific regional markets over the next twelve months,” said Mr Green.

 

The joint venture, to be known as Landmark Harcourts, will operate as a standalone business and will not involve the Harcourts metropolitan or commercial businesses, nor will it involve any other aspects of Landmark’s rural services business.

 

Key Points
  • Landmark and Harcourts establish a Memorandum of Understanding to combine real estate operations in rural and regional Australia under a joint venture arrangement
  • Establishes an exciting new proposition for rural, lifestyle and residential real estate marketing across regional Australia
  • Combines the key strengths of Landmark (position and market share in rural) and Harcourts (position, expertise and market share in Australian residential marketplace)
  • The business will be recruiting a Chief Executive Officer, amongst other roles, prior to the planned joint venture commencement date of 1 April 2011
  • The business will be looking at growing strongly in the short to medium term and provides an attractive proposition for real estate specialists within regional Australia
  • Joint venture does not involve the Harcourts metropolitan or commercial businesses, nor does it involve any other aspects of Landmark’s rural services business

 

About Harcourts

 

 

Harcourts is one of Australasia’s leading real estate franchise groups; with 2010 annual sales turnover exceeding AUD $22bn and operations in 9 countries it brings a sector leading position to the joint venture. Harcourts currently operates over 640 offices and 5,000 sales consultants around the world. Commencing in Wellington, New Zealand in 1888, Harcourts has since expanded beyond its home market into those within Australia, Fiji, Singapore, China, Zambia, South Africa, Indonesia and the United States.

 

With a strong emphasis on online technology, training, marketing and communication, Harcourts supports a fully integrated franchising business model and provides an environment where talented, skilled and committed people can excel within the real estate sector.

 

 

About Landmark

 

 

Landmark is Australia’s leading rural services business with operations spreading across a range of divisions - Real Estate, Livestock, Wool, Merchandise, Fertiliser and Insurance - covering the breadth of regional Australia. In late 2010 Landmark was purchased by Agrium Inc. a publicly listed Canadian corporation, that is one of the only integrated, and the worlds largest, supplier of inputs to farmers. 

 

With well over 100 years of experience in the real estate marketplace of rural and regional Australia, Landmark has established itself as one of the leading businesses in marketing rural property across the country. Our position in the market is supported by our people who hold a wealth of local and industry knowledge that assists in the marketing of our clients’ properties.

 

Further information

 

Landmark

 

Richard Herbst                                                      Peter McBride

GM, Professional Services                                  GM, Corporate Affairs
t: +61 (0)3 9209 2969                                            t: +61 (0)3 9209 2174
m: +61 (0)418 317 971                                          m: +61 (0) 41766 2451       

 

Harcourts


Bryan Thomson
Head of Real Estate Operations - Australasia
t: +64 (0)9 520 5569
m: +64 (0) 27 478 0478


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