Independent Property Group, Canberra’s biggest real estate company, has expanded into Sydney by buying Laing+Simmons, which has 47 offices in the harbour city.
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The cost of the acquisition was not disclosed.
Independent Property Group chief executive John Runko said today it would allow the company to push a number of its business services into the Sydney market.
‘‘Services like strata management, project marketing and probably commercial real estate as well,’’ Mr Runko told The Canberra Times shortly after arriving at Sydney airport.
‘‘It is a much easier transition to do under a brand that’s already established within the Sydney market.’’
He said the Laing+Simmons would retain its name and its operational team would stay.
Cost savings would be generated in the back-end of the business through technology, software, training, administration and marketing, Mr Runko said.
He said the expanded business would likely need to hire more staff.
Independent Property Group, which has been working with Laing+Simmons for nearly 10 years, has about 40 per cent of the real estate business in Canberra.
Mr Runko said Laing+Simmons’ culture and operations would be a ‘‘great fit’’.
