PropertyGuru completes acquisition of iProperty Malaysia, thinkofliving Thailand
By Digital News Asia August 5, 2021
- PropertyGuru now owns all shares in REA Group’s entities in Malaysia, Thailand
- iProperty Malaysia, thinkofliving to continue to operating separately
PROPERTYGURU Group announces that it has successfully completed the acquisition of iProperty Malaysia and thinkofliving, following its initial announcement on 31 May 2021.
In a statement, the company said that it now owns all the shares in REA Group Limited’s entities in Malaysia and Thailand, which include iProperty.com.my and Brickz.my in Malaysia and thinkofliving.com and Prakard.comin Thailand.
In exchange, REA now has an approximate 18.2% equity interest in PropertyGuru.
In addition, PropertyGuru announced, on 24 July 2021, a business combination with Bridgetown 2 Holdings Limited, a special purpose acquisition company, through which PropertyGuru plans to list its business on the New York Stock Exchange.
REA has committed to subscribe for US$52 mil of equity in the listed entity subject to completion of the business combination, which is expected to close in the fourth quarter of 2021 or first quarter of 2022, subject to regulatory and stockholder approvals, and other customary closing conditions. After taking into account the capital raising conducted concurrently with the business combination, REA will hold an approximate 15.8%3 stake in the listed entity and will have the right to nominate one director to the listed entity’s board.
“We are delighted to bring two strong businesses into our Group. Together, we are better positioned to deliver even more innovation to property seekers, equipping them with the insights they need to make confident decisions,” said Hari V. Krishnan, chief executive officer (CEO) and managing director, PropertyGuru Group.
“By combining PropertyGuru’s strengths in technology and proprietary data with iProperty.com.my’s footprint and relationships with developers and agents, we can digitize the Malaysian property ecosystem and accelerate our goal of creating Southeast Asia’s property Trust Platform.” he added.
He said “We welcome REA Group as a strategic shareholder, joining a distinguished group of technology investors, including KKR and TPG and we look forward to working together to serve property consumer preferences in Southeast Asia.”
“The completion of this transaction creates a compelling PropTech group in Southeast Asia. As digitisation of the property market continues to accelerate across the region, PropertyGuru is well placed to build on its leadership position and capture future growth opportunities,” said Owen Wilson, Chief Executive Officer, REA Group.
PropertyGuru is Southeast Asia’s digital property marketplace with leading positions in Singapore, Vietnam, Malaysia and Thailand. The company claims that the acquisitions, coupled with its market leadership puts it in a strong position to capture significant opportunities in Southeast Asia, which is estimated to become the fourth largest economy in the world by 2030.
iProperty Malaysia and thinkofliving will continue to operate separately. In the coming months, the Group will work to ensure the smooth integration of the businesses. This will include leveraging collective strengths in technology, innovation, and data to offer consumers transparent and easy access to information and insights to support their homeownership aspirations in Southeast Asia.
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