KUALA LUMPUR, 31 May, 2021 – PropertyGuru Group (‘PropertyGuru’ or ‘the Group’), Southeast Asia’s leading property technology (‘Proptech’) company and REA Group (ASX:REA), an ASX listed digital business specialising in property marketplaces and data assets, today announced they have entered into an agreement whereby PropertyGuru will acquire all of the shares in REA Group’s operating entities in Malaysia and Thailand, which operate iProperty.com.my and Brickz.my in Malaysia and thinkofliving.com and Prakard.com in Thailand. As part of the agreement, 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 move underscores the rising importance of Malaysia in Southeast Asia’s Proptech industry in general and for PropertyGuru in specific. A key objective of the transaction is to accelerate the development of the Proptech industry in Malaysia. The addition of iProperty.com.my and Brickz.my will bolster PropertyGuru Malaysia’s ability to provide consumers with the most diverse digital marketplaces, together with the most comprehensive set of data, actionable insights and services to support homeownership aspirations of Malaysians.
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