Managex Funds Management Pty Ltd signed binding sales agreement to acquire West Coast Rent Roll Business from The Agency Group Australia Limited (ASX:AU1) for AUD 3.6 million on September 9, 2020. The sales agreement does not include The Agency Group’s East Coast property management business which consisted of 3,665 properties under management (PuM) at end of June 2020. As part of the transaction, a reciprocal referral agreement will be entered into by both parties whereby all sales leads that come from Managex be referred in first instance to The Agency while all WA property management leads from The Agency will be referred to Managex. Managex secured debt funding for the acquisition from Judo Bank. The transaction is expected to be completed by end of third quarter of calendar year 2020. Proceeds from the transaction will be applied to primary bank debt.