This article is from the Australian Property Journal archive
LISTED disruptor real estate group The Agency has secured $5.6M in funding.
It also converted $5.8 million of debt into equity, reducing the total debt position by 27%.
Funds raised will be used to strengthen balance sheet with a further $1.7 million to repay existing loans with $1.1 million allocated for working capital, and $2.2 million to fund further growth and acquisition initiatives.
Managing director Paul Niardone said, “Through this transaction we will strengthen our balance sheet, by converting a significant level of debt and attracting new funds into the business. At the same time, we have attracted two new strategic shareholders who understand our business model and can see how it has disrupted, and will continue to disrupt, the Australian real estate market.
“With a strong balance sheet and highly successful business model, we plan to accelerate our growth plans in key real estate markets during a time where our peers are stagnating or contracting.” Niardone said.
