Hersing Corp is looking to sell its Asia-Pacific franchise for ERA Real Estate agency for up to S$200 million, according to a Dow Jones report citing sources with knowledge of the sales process.
Hersing’s wholly-owned ERA Realty Network is Singapore’s largest real-estate agency with more than 4,800 salespeople.
According to its website, Hersing also owns the master franchise rights for ERA Real Estate in 18 Asia-Pacific countries, including Singapore, China and Malaysia.
Hersing has lined up about five potential buyers, including private equity firms, the sources said, without naming the interested parties.
The company aims to close the first round of bidding by the end of this month and complete a deal in two to three months, the report added.
When contacted by TODAY, spokespersons for both Hersing and ERA declined to comment.
According to Hersing’s latest annual report, ERA Realty Network completed more than 35,000 property sales totalling nearly S$17 billion in 2011.
Apart from ERA, Hersing also offers property services under the RIA and premium Coldwell Banker brands and operates local franchises of financial services, storage solutions and furnishing brands.
Hersing was delisted from the Singapore Exchange in November after its founder and Chairman Harry Chua privatised the company.
Source : Today – 18 June 2013