Singapore-based private equity firm Northstar Group, through its Realty Partners Group unit, has completed the acquisition of the ERA Real Estate regional master franchise rights for Asia Pacific from Hersing Corporation.
The rights were acquired following approval from master franchisor Realogy Group, LLC. The deal completes the transfer of ownership to Northstar of all ERA assets previously owned by Hersing, including the ERA Real Estate business in Thailand.
The acquisition follows Northstar’s successful buyout of the ERA Singapore master franchise with the management team in August 2013, and gives Northstar ownership of the ERA master franchise rights to 18 countries, including Thailand, Australia, China, Indonesia and Japan.
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 the Asia Pacific region.
Ashish Shastry, Chairman of Realty Partners Group and Managing Partner of Northstar, said: “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.”
Andrew Batt, International Group Editor of PropertyGuru Group, wrote
this story. To contact him about this or other stories email andrew@propertyguru.com.sg