Bayleys Realty Group Ltd has confirmed its acquisition of the Knight Frank property consultancy operations in New Zealand, as part of a strategic partnership with the international agency.
Knight Frank agents moved to Bayleys in June, although some have gone to other agencies, including industrial specialists David Arlidge & Damon Wyllie, who joined Savills’ Auckland industrial sales & leasing team.
Bayley Corp Ltd managing director Mike Bayley said yesterday: “Gaining extensive exposure to international markets for our clients across the commercial, residential, rural & property services sectors is one of the most important elements in this partnership with Knight Frank, which has a footprint in 60 markets worldwide. Knight Frank is the world’s largest privately owned international property consultancy.
“Similarly, international clients from the Knight Frank network looking to purchase or lease real estate assets in New Zealand would be drawn to Bayleys’ full suite of listings & services.”
He said the partnership would significantly strengthen Bayleys’ property management services & advisory capabilities, particularly in Christchurch, and the valuations team had also more than doubled in size: “This transaction has catapulted Bayleys to number one position as a full-service commercial & industrial real estate agency in Canterbury.
“The essence of the partnership is that Bayleys will continue its New Zealand legacy, retaining its homegrown Kiwi ownership & operations while enhancing its international presence through the relationship with Knight Frank’s global business.”
Bayleys’ national commercial & industrial director, Ryan Johnson, said central to the transition in Christchurch was the relocation & unification of the commercial & industrial teams to new purpose-built premises.
Knight Frank LLP senior partner & group chair Alistair Elliott said the company sought to expand its presence around the world through partnerships with the leading local players.
Mr Bayley said the private ownership structure of both Bayleys & Knight Frank would enable the 2 entities to evolve their entrepreneurial & innovative approach far more quickly than their internationally owned & publicly listed real estate agency competitors.
Bayleys Corp is still majority family-owned. Direct Capital Investments Ltd acquired a 31% stake in the company in 2010 and Direct Capital director Ross George joined the Bayleys board.
Attribution: Bayleys release.