Expansion follows acquisition of era® rights in Singapore in August 2013
Singapore -- (SBWIRE) -- 10/21/2013 -- The Northstar Group (“Northstar”), a Singapore-headquartered private equity firm has, through its unit Realty Partners Group Pte. Ltd., completed the acquisition of the ERA Real Estate (“ERA”) Regional Master Franchise rights for Asia-Pacific from Hersing Corporation Pte. Ltd. (“Hersing”). The Regional Master Franchise rights were acquired following approval from the master franchisor, Realogy Group, LLC. This completes the transfer of ownership to Northstar of all ERA assets previously owned by Hersing, and sees Northstar furthering its presence in the region’s real estate brokerage industry.
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 Australia, China, Indonesia and Japan.
Mr 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.” Mr Jack Chua and his team will also be responsible for managing the ERA master franchise in the Asia-Pacific region.
Mr 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.”
About ERA Singapore Pte Ltd
ERA Singapore Pte Ltd is the master franchisee of the ERA® brand in Singapore. ERA Singapore commenced operations in 1982 through ERA Realty Network Pte Ltd. ERA Singapore is the largest real estate agency in Singapore with more than 5,200 salespersons registered with the government’s industry regulator, the Council for Estate Agencies (CEA). ERA Singapore is part of the ERA® global franchise network, which includes approximately 31,000 brokers and sales associates operating in 2,300 offices throughout 34 countries and territories worldwide. In the Asia-Pacific region, there are more than 600 ERA offices with more than 12,500 ERA salespersons operating in 18 countries. Each ERA office is independently owned and operated.
For more information, please visit the ERA Singapore website at www.era.com.sg.
About Northstar Group
The Northstar Group is a private equity firm headquartered in Singapore managing more than US$1.2 billion in committed equity capital dedicated to Southeast Asia, with a focus on investing in Indonesia. The Northstar Group has a solid track record of actively growing the businesses of its investee companies over its investment horizon. Since its founding in 2003, the Northstar Group has invested in more than 20 companies across the banking, insurance, retail, oil and gas, coal and mining services, telecom, and agribusiness sectors. The Northstar Group has invested over US$2 billion with its co-investors in the Southeast Asian region.
The Northstar Group in Singapore is supported by a team of over 40 professionals. The team brings together significant international experience, deep local market insight, and sensitivity to local conventions and conditions.
For more information, please visit the Northstar Group website at www.nsgroup.com.
About Hersing Corporation
Hersing Corporation Pte. Ltd. is the brand manager and service provider of some of the world’s best-known franchise brands. Through Casa Kidi, HC Design and Western Union, Hersing provides children’s furnishing, architectural and interior design, and money transfer services. It has also recently ventured into the food and beverage industry, bringing in Hong Kong dim sum restaurant Tim Ho Wan to Singapore.