Media release - 6^th June, 2013

Leading real estate group keeps it all in the family

Angus Raine, CEO of Raine & Horne, will take on the additional role of Executive Chairman of the leading real estate group.

Mr Raine assumes the role of executive chairman of the board of Raine & Horne Holdings Pty Ltd, taking over from real estate doyen Max Raine, who has led the family-owned and operated firm since 1950.

Angus Raine “Angus is well placed for his new role as he’s been in the industry for 26 years, enabling him to see the peaks and troughs of the market,” says Raine & Horne non-executive board member Doug McCluskey.

“He has also won numerous real estate awards during his real estate agency career, and is well qualified, especially since graduating from Harvard Business School in 2009.”

Mr Raine confirmed that Max Raine will be not lost to the Raine & Horne network.

“My father is still actively involved in the business but has decided to wind down his day-to-day activities after more than 60 years at Raine & Horne, a period that included our successful repositioning into franchising in the mid-1970s,” says Mr Raine.

“As a consequence, the Raine & Horne board has taken the decision to make this change as part of our long term succession planning strategy.”

The appointment of Angus Raine also enables the Raine family’s unbroken 130-year stretch at the helm of Raine & Horne to continue.

“We have been a 100% family-owned and operated business since 1883, and this enables Raine & Horne and our global network of offices to enjoy consistent management, which is at odds with nearly all of our competitors, who have endured major changes in this area in recent years.”

Mr Raine, a director of Raine & Horne Holdings Pty Limited since 1998, after stints with blue-chip international real estate firms, DTZ, Knight Frank and Savills, says that the firm’s core focus will remain on improving the performance and profitability of existing offices, as well as looking to open new offices both in Australia and overseas.

Mr Raine says the trend to larger, more financially robust real estate offices will continue to dominate the industry in 2013 and beyond.

“Last year for example, Raine & Horne Double Bay merged with Raine & Horne Bondi Beach to create a mega office with a staff of over 70 property specialists.

“Also, Raine & Horne Collaroy & Dee Why and Raine & Horne Commercial Northern Beaches employs 40 residential and commercial real estate specialists, while coastal heavyweight Raine & Horne Terrigal / Avoca Beach employs almost 40 team members, including five commercial specialists at its recently launched Raine & Horne Commercial Erina office.”

-ENDS-

For further media information contact:

Angus Raine, CEO, Raine & Horne on 02 9258 5422 or 0409 920 697

Andrew Harrington, National Marketing & Communications Coordinator on 02 9258 5400

Generation next assumes the reins at Raine & Horne