iProperty Group will acquire squarefoot.com.hk, REA Group Limited’s online property portal, by the end of this year, upon approval from iProperty shareholders.
In exchange, REA Group will have an increased stake in iProperty from 17.2% to 19.4% through the issuing of five million new shares valued at AU$3 per share, amounting to AU$15 million in share value.
iProperty already owns and operates online property portal Gohome.com.hk.
“As a result of this acquisition, iProperty now owns both property portals, providing us with a dominant position in a highly strategic market,” Georg Chmiel, CEO of iProperty Group, said.
After the acquisition, the two portals will have over 1,000 unique real estate agencies as subscribers combined and iProperty’s key markets in Asia will be Malaysia, Indonesia, and Hong Kong and Macau.