has now purchased the assets from Indo-Pacific Property
(IPP), a leading Western Australian real-estate project marketing business for $645,000 in iBuyNew shares. These assets include a receivable book and a rent roll as well as any associated brand and intellectual property.
Indo-Pacific Group (IPG) is owned by Perth based McRae Investments, the family’s long-established investment arm and operates Indo-Pacific Property, IPG’s real estate focused brand.
Since April 2015, IPG has sold over 300 new properties across Australia worth more than $250 million and earning over $6 million in commissions. IPP in 2016 was also awarded 2nd Place, Top Office – Residential Project Marketing at the REIWA.COM 2016 Awards for Residential Project Sales (Western Australia only).
IPP’s property management arm will allow iBuyNew and Nyko to launch property management services through IPP’s systems, tools and processes.
iBuyNew chief executive Alex Caraco commented that the Western Australian real estate market is slowly starting to recover and this purchase will offer significant future sales opportunities.
“The Western Australian market is at a turning point and provides great real estate value and the mining industry is now beginning to slowly recover.”.
“Therefore, we believe this is the right time to invest our energies in the west and we look forward to working with the team at IPG, McRae Investments and Stephen in optimising their investment within the iBuyNew Group for the benefit of all shareholders alike,” Mr Caraco said.
Indo-Pacific and McRae executive chairman Stephen Quantrill will also join the board of iBuyNew upon completion. Stephen acts as Chairman and Company Director of a range of businesses, including in venture capital and private equity, real estate property, oil and gas, resources, bio-technology, advisory and engineering.
Mr Quantrill said, “We are very excited by the opportunity to become a significant shareholder in iBuyNew Group, which is a highly complementary business to IPP…we now also look forward to playing a part in further developing and growing the iBuyNew and Nyko operations and brands.”