PropertyGuru Group announced that it was in the process of acquiring Australian firm REA Group’s online platforms in Malaysia and Thailand – namely, iProperty.com.my and Brickz.my in Malaysia, and thinkofliving.com and Prakard.com in Thailand.
As part of the deal, REA Group will get an 18% equity interest in the enlarged PropertyGuru Group and appoint a Director to the Board. The transaction is expected to close in July 2021.
Despite the acquisition, PropertyGuru said that both its namesake website and iProperty will retain their respective and unique brands. They will, however, be able to combine their resources and leverage a larger base of customers. PropertyGuru Group CEO and Managing Director Hari V. Krishnan said the acquisition will more than double the company’s footprint in Malaysia.
The company’s country manager for Malaysia, Sheldon Fernandez, remarked, “Combining PropertyGuru’s strengths in technology and proprietary data with iProperty.com.my’s national footprint and deep relationships with developers and agents will accelerate our mission to ensure everyone has access to the data and insights they need to make confident home buying decisions.”
PropertyGuru claims to be the No. 1 property website in Malaysia, with over 12 million monthly visits.
(Source: PropertyGuru. Image: PropertyGuru via DealStreetAsia.)