Rental Express Group set to buy RUN Property for $65.4 million

The largest privately owned property management company in Queensland, Rental Express Group, is set to buy RUN Property and Agent Plus for $65.4 million, according to an ASX release.

RUN Property manages around $10 billion in properties in Queensland, NSW and Victoria with administration and accounting software Agent Plus as a fully owned subsidiary.

The new entity would manage 20,000 properties in NSW, Victoria, Queenland and WA if the conditional deal proceeds.

Part of the proceeds of the sale will be used to pay off RUN’s $20.4 million bank debt, which was refinanced from NAB to Macquarie Bank earlier this year.

The deal would require Rental Express to obtain finance and RUN Property shareholders passing a resolution authorising the sale.