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News Corp affiliate invests US$100m in iProperty

REA Group, an affiliate of NewsCorp, has acquired a 17.22% stake in its portfolio company, iProperty Group.

The US$100 million deal, which was inked on Monday (28 July), is one of the largest investments ever made in an ASEAN-based internet company, said Catcha in its release.

The transaction values iProperty at approximately US$600 million. This also makes REA Group iProperty Group’s second largest shareholder, while Catcha Group remains its largest shareholder.

REA Group, operator of realestate.com.au, is 61% owned by News Corp and has a market value of A$6.22 billion, according to Catcha.

The acquisition is aimed at giving REA a strategic foothold in the region and complement its existing online real estate businesses in Hong Kong and China.

iProperty Group is the owner and operator of a network of property websites in Asia.

It was floated on the Australian Securities Exchange in September 2007. The Monday announcement saw shares in iProperty surge more than 18% to AU$3.69.

In addition to iProperty Group, Catcha Group is the major shareholder of ASX-listed iCar Asia, an Asia wide network of online automotive sites and is a key shareholder in leading property portal group, propertyfinder.ae.

Catcha is also the major shareholder of Bursa Malaysia listed Rev Asia Berhad and ASX-listed iBuy Group, which owns and operates an Asia-wide network of e-commerce websites.

Investors in Catcha Group portfolio companies include Rebate Networks GmBH, Star Media Group (Malaysia) and Intel Capital,to name a few.

In March this year, Australia’s Carsales.com.au announced that its automotive marketing website, carsales.com.au would be acquiring an additional 3% stake in iCar Asia, taking its total holding in iCar Asia from 19.9% to 22.9%.

Pictured: Catcha Group co-founder and Group CEO, Patrick Grove 

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