REA Group is continuing its expansion into Asia via a stake in iProperty Group. The company announced to the ASX today that it had acquired a 17.22% stake for $106.3m.
As well as property advertising operations in Malaysia, Indonesia, Macau, Singapore, India and the Philippines, REA Group interim CEO Peter Tonagh said the deal will complement the firm's existing activities in Hong Kong and China.
REA Group chairman Hamish McLennan said the deal “further demonstrates our commitment to international expansion. It is a fantastic opportunity for the REA Group and a continuation of our growth strategy in the Asian region.”
The deal comes as the turf war between real estate groups intensifies locally with REA and Fairfax's Domain challenged by new entrant Real Estate Digital Marketing Services, and ongoing reports about which people and companies are involved with the new entrant, its media activities and potential conflicts of interest.
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