Property Brokers seeks to acquire Farmland business

25 November 2019
Release no. 52

Property Brokers seeks clearance to acquire Farmland’s real estate business on the West Coast

The Commerce Commission has received a clearance application from Property Brokers Limited to acquire the West Coast real estate business and property management business of Farmlands Real Estate Limited and Farmlands Real Estate Property Management Limited (together Farmlands Real Estate).

Property Brokers offers real estate services from offices throughout New Zealand. It provides residential, lifestyle, rural and commercial real estate, and property management services. On the West Coast of the South Island, Property Brokers operates from offices in Westport, Greymouth and Hokitika.

Farmlands Real Estate is a fully owned subsidiary of Farmlands Co-operative Society Limited. Farmlands Real Estate also offers residential, lifestyle, rural and commercial real estate, and property management services from offices throughout New Zealand. On the West Coast of the South Island, Farmlands Real Estate operates from offices in Westport and Hokitika.

A public version of the clearance application will be available shortly on the Commission’s case register.

Background
We will give clearance to a proposed merger if we are satisfied that the merger is unlikely to have the effect of substantially lessening competition in a market.

Further information explaining how the Commission assesses a merger application is available on our website.

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