Australia’s REA Group has bought a 17.2 per cent stake in southeast Asian real estate platform IProperty.com from Axel Springer-controlled SeLoger.com, AIM Group has reported.
The 75 million Euros (AUD$107.1 million) deal compares with Fairfax Media’s recent $50 million acquisition of AllHomes.com.au, AIM Group’s Christo Volschenk says.
Axel Springer Digital Classifieds – a joint venture in which the German publishing giant owns 70 per cent – said Paris-based SeLoger.com decided to sell, when it became clear it would be impossible to get a controlling stake in IProperty.com, and because it wants to focus more on the European market in future.
It made a profit of 55 million Euros on the interest, which it acquired in 2011.
IProperty Group is listed in Australia and operates sites in Malaysia, Hong Kong, Indonesia, Singapore, and Macau. It also has investments in India and the Philippines. SeLoger.com is headquartered in Paris, was founded in 1992, and today successfully operates ten real estate sites, including www.seloger.com and www.selogerneuf.com.
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