Aegis will continue to run PIR as a separate business but will expand the services it offers.
Research house Aegis Equities Research has bought Property Investment Research (PIR).
"Aegis has been in the property research sector for many years and saw this as a good opportunity to add a substantial client base and good brand," a company spokesperson said.
PIR provides research on both listed and unlisted property trusts and other property-based investment schemes.
The company also organises an annual property funds industry forum.
Aegis plans to continue to run PIR as a separate business, but will expand the services it offers.
It will widen the coverage of the property sector from the current 200 companies to the top 500 companies.
The Australian real estate investment trust sector has been hit hard by the financial crisis, with investors concerned about the level of gearing within these trusts.
The spokesperson did not want to say how the downturn has affected PIR's revenues or whether this prompted the sale.
PIR founder and managing director Richard Cruickshank will continue to be involved in the PIR business.
The negotiations on the sale started several months ago and were concluded on Friday.
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