As part of the agreement, Australia-based REA Group will receive an 18% equity interest in the enlarged PropertyGuru Group and appoint a Director to the Board.
PropertyGuru Group, Southeast Asia’s leading property technology company, has agreed to acquire all shares in REA Group’s operating entities in Malaysia and Thailand, which include iProperty.com.my and Brickz.my in Malaysia; and thinkofliving.com and Prakard.com in Thailand.
As part of the agreement, Australia-based REA Group will receive 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.
The acquisitions help to accelerate PropertyGuru’s strategy of being the No. 1 Proptech group in Southeast Asia. Home-grown in Singapore, PropertyGuru operates leading property marketplaces in Singapore, Malaysia, Thailand, Indonesia, and Vietnam.
PropertyGuru.com.my and iProperty.com.my are two of the biggest property marketplaces in Malaysia. The two brands have unique and complementary audiences and the transaction will see both brands retained.
Hari V. Krishnan, Chief Executive Officer and Managing Director, PropertyGuru Group, said, “The acquisitions of REA Group’s companies in Malaysia and Thailand are a key milestone in PropertyGuru’s history. By combining our resources, we will be able to deliver even more innovation to home seekers, equipping them with the insights they need to make confident decisions.”
“We look forward to making our regional expertise available to the customers of both platforms and offering greater visibility of the whole Thai real estate market,” concluded Hari.
Meanwhile, Owen Wilson, Chief Executive Officer, REA Group, said that the group is “excited about the opportunity to bring these great businesses together” and will bring “incredible opportunities in the region.”
“Joining with the PropertyGuru Group creates new opportunities for collaboration and access to a deeper pool of expertise, technology and investment. It positions these already strong brands well to accelerate the next wave of Proptech innovation in Southeast Asia.”
Despite all the uncertainties brought about by the pandemic over the past year, PropertyGuru grew monthly visits to 35 million regionally and continues to be the regional Proptech leader with over 50% share in Southeast Asia. This strong performance has been driven by solid execution and additional investment in strategic areas of growth, which includes its mortgage marketplace PropertyGuru Finance, and end-to-end sales enablement solution for property developers, PropertyGuru FastKey.
Read the full press release here.