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SCMP Reporter

FIRST Pacific Davies (FPD) has recently acquired a 40 per cent stake in Australia-based Raine & Horne International as part of its expansion plan in the Australasian region.

  The property management group injected a substantial undisclosed amount of capital into the former agency for commercial, retail, industrial properties of Raine & Horne Holdings.

    Raine & Horne International has offices in all capital cities in Australia.

  The acquisition sees First Pacific Davies' affiliate, First Pacific Davies (Australia), merged with Raine & Horne International.

  First Pacific Davies holds a 40 per cent stake in the merged entity through its affiliate, which bought Raine & Horne International earlier this month.

  The balance is held by the senior managers of First Pacific Davies (Australia) and Raine & Horne International.

  The founder of First Pacific Davies, David Davies, will be the chairman of the merged agency, while managing director of First Pacific Davies in Australia, Walter Carpenter, was named the managing director.

  A new name for the merged entity has yet to be decided.

  After the transaction, Raine & Horne Holdings retains its residential agency business.

  Mr Carpenter said the merger would substantially increase FPD's presence in Australia and New Zealand.

  'It will benefit the management information system of FPD,' he said.

  'FPD is now able to offer its own clients property services throughout Australia and New Zealand, whereas Raine & Horne is able to offer its Australian clients a much wider range of services throughout Asia.'   Mr Davies said: 'Our increasing presence both in and outside the region will enable us to access these companies in their home markets.'   FPD has 9.75 million square metres of office, residential and industrial property under management in Hong Kong, China and Southeast Asia.



FPD in merger with Raine & Horne