iProperty Group interim chief executive Patrick Grove
Australia’s REA Group, operator of the country’s largest online property portal, has purchased a 17.2 percent stake in Kuala Lumpur-based iProperty Group for AUD106 million (USD100 million).
French real estate classifieds business SeLoger.com SA divested its 31 million shares in the Southeast Asian company to REA, a majority-owned unit of News Corporation.
The deal would complement REA’s existing business in Hong Kong and China, and allow the Australian company to cement its presence in Malaysia, Indonesia, Macau, Singapore, India and the Philippines, the Sydney Morning Herald reported.
“This acquisition provides us with a strategic stake in one of the fastest growing real estate markets in the world,” iProperty Group interim chief executive Patrick Grove said in a media statement.
The Australian firm, which operates RealEstate.com.au, announced that it was seeking board representation in iProperty Group.
Image credit: SMH / Dom Lorrimer