Northstar Group, an Indonesian private equity firm, revealed it had obtained ERA Realty Network for over US$100 million. ERA Realty Network is Indonesia's largest real estate agency. The revelation comes months after the ERA Realty Network management placed it on the block.
The price tag of around US$100 million Northstar Group paid is less than the US$150 million Hersing Corporation initially set for ERA Realty Network. According to sources, the final details of the transaction are still being added. The deal, however, already includes the transfer of Hersing's Singapore franchise rights in ERA Realty Network to Coldwell Banker.
The ERA Realty Network and Coldwell Banker are managed by Realogy Holdings Corp, a US-based real estate brokerage. The Singapore-based ERA Realty Network manages billions of dollars worth of transactions annually. These deals account for the majority of Hersing's profits. ERA Realty Network also has over 5,000 real estate agents, making them the largest in the region in terms of agent numbers.
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