PHOTO: Farmlands chief executive Peter Reidie claims the new partnership with Property Brokers is a great result for shareholders.
Farmlands cooperative has sold its nationwide real estate business to the Property Brokers chain.
The sale, for an undisclosed sum, means Farmlands’ real estate offices and staff are now under the Property Brokers umbrella and branding. However, Farmlands says it will maintain a relationship with Property Brokers under a long-term deal that preserves member benefits for its shareholders.
The two parties are calling it a “long-term strategic partnership” with about 20% of the rural property market and aspirations to lead the sector.
Farmlands’ director of agri products and services, Andrew Horsbrugh, said the co-op brought its great knowledge of rural people and the land to the deal while Property Brokers brought its specialist real estate knowledge. He believed their combined skills would “achieve something pretty special”.
Horsburgh said the Farmlands brand will remain linked to Property Brokers’ rural advertising.
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