REA completes purchase of iProperty Group
February 22, 2016 - Malaysia
Rupert Murdoch’s REA Group has confirmed it has completed the purchase of Malaysia-based iProperty Group for AUS$578million ($409.8million).
The acquisition by Australia-based REA Group Limited, a multinational digital media business specialising in property, is part of a strategy to aggressively expamd into Asian markets.
The REA Group, in Australia, Italy, Luxembourg, France, Germany, China and North America, acquired iProperty’s operations in six countries across Asia – Hong Kong, Indonesia, Thailand and Malaysia, Singapore and Philippines.
In 2014, the REA Group acquired a 17.22% stake in iProperty Group and increased that to 22.7% in June 2015. In November 2015, the company purchased the remaining shares at $4 each, totalling AUS$578million.
REA Group’s Chief Operating Officer – International and Developer, Arthur Charlaftis, says the deal is a “game-changer.”
“The iProperty Group’s local market expertise is second to none and our teams will be working closely together to tap into the needs of buyers throughout the region and deliver even more value to our customers and consumers.”
The Australian property market has long held appeal for investors across South East Asia, he says.
“We’re really excited to join with the iProperty Group and forge stronger links between investors in the South East Asian region and Australian real estate owners and developers."
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