Specialist Otago rural real-estate company Southern Wide SRM Realty has expanded into the residential market by buying Patersons Realty Ltd.
Patersons, under slightly different structures, has been in the Paterson family for 108 years and today has branches in Dunedin, Oamaru and Wanaka.
It will be rebranded Southern Wide from October 1.
Southern Wide joint-owner John Faulks said it was a logical fit.
"We're very strong in rural, and residential is down. They offset each other and we now have the chance to go from farming to residential. We want to take it right through from the farm to the holiday/retirement home."
It would be business as usual, the only difference being the rebranding of Patersons offices in Dunedin, Oamaru and Wanaka to Southern Wide, he said.
Patersons' staff would be retained.
Mr Faulks said Southern SRM was locally owned, the licensee being Ross Gold, and John Faulks and Andrew Booth both shareholders.
The Southern Wide group has offices in Invercargill, Gore, Dunedin, Alexandra and Waimate.
According to the Patersons website, the company was established in 1900 by surveyor Nathaniel Paterson and his sharebroker and land-agent brother, Edward Synge Paterson.
The present chairman, Murray Paterson, is Nathaniel's grandson.
