Realty Partners Group, a unit of Singapore-based private equity firm Northstar, has completed the acquisition of ERA's regional master franchise rights in Asia Pacific from Hersing Corporation.
The deal, approved by the master franchisor Realogy Group, completes the transfer of ownership to Northstar of all ERA assets previously owned by Hersing.
Northstar's expansion in the region's real estate brokerage industry follows its successful buyout of ERA Singapore with the management team in August, and gives Northstar ownership of the ERA master franchise rights to 18 countries including Australia, China, Indonesia and Japan.
Responding, Jack Chua, Chief Executive Officer of ERA Singapore, said: "This acquisition brings all the elements of the ERA business in the Asia-Pacific region back together under one roof. The individual markets in the region are at different stages of growth and sophistication, and each market represents an opportunity to further build on our leadership position in the industry."
Chua and his team will also be responsible for managing the ERA master franchise in Asia Pacific.
Ashish Shastry, Chairman of Realty Partners Group and Managing Partner of Northstar, added: "We are committed to the long-term development of the ERA master franchise in the region, and are pleased to be able to grow the brand across a region where the real estate sector offers significant potential. We look forward to building the ERA network into an even stronger player, across multiple Asian markets."
Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories email firstname.lastname@example.org