BRISBANE, Australia, // PRNewswire // -- Coldwell Banker(R) Australia announced today that it is commencing a public offering of ordinary shares to expand the current business model and to boost its real estate franchise network.
Alex Caraco, CEO of Coldwell Banker Australia; together with his formidable team, are driving CB Australia Limited's acquisition of the Australian Master Franchise which will clear the way for an aggressive expansion of Coldwell Banker(R) in Australia.
Alex Caraco, CEO commented "Listing on a suitable stock exchange is a milestone in our growth strategy, whilst Coldwell Banker dominates many markets overseas, in Australia it is still just in its infancy".
The Coldwell Banker(R) Real Estate Franchise commenced operation in Australia in January 2002 and has 22 offices in four States with a staff of 300 and an annual real estate turnover in excess of AUD$1 billion.
Alex Caraco commented "We are going through some very exciting changes and I understand what it is going to take to expand the business nationally and continue as a market leader, by building upon the strong foundations of the global brand. I believe we are at the bottom of a cycle and there is only the upwards direction for the real estate market, from here into 2010".
Coldwell Banker has 3800 offices in 47 countries and has been a premier, full-service real estate provider since 1906. In 2008, Franchise Times magazine's prestigious Top 200 issue ranked Coldwell Banker No 1 in real estate for the ninth straight year.
The application to list on the Australian Small Scale Offerings Board (ASSOB) has been approved and CB Australia Limited will be listed on ASSOB on the 4th of May 2009.
The offer is expected to close on 26th June 2009.
SOURCE Coldwell Banker Australia