Friday, June 8, 2012

PropertyGuru snags investment from German telco's unit

Business Times: Fri, Jun 08
ONLINE property portal group PropertyGuru has secured a $60 million investment from a unit of Deutsche Telekom, said the firm's CEO and co-founder Steve Melhuish yesterday.

The deal was sealed with ImmobilienScout24, a European property portal group and a subsidiary of the German telecommunications company. PropertyGuru said that this was one of the biggest online deals in Asia this year, and reinforces the rapidly emerging online media opportunity in South-east Asia.

"We see strong economic growth, rising middle classes, urbanisation, developing property markets, as well as an online explosion, taking place throughout Asia," said Mr Melhuish.

He added that ImmobilienScout24 has picked up a minority stake in the company, but declined to disclose the exact stake.

According to PropertyGuru, its websites are viewed by 8.2 million users every month.

"Our revenues and traffic doubled over the previous year," Mr Melhuish said.

ImmobilienScout24, a part of the Scout24 Group, attracts some 7.5 million users per month.

ImmobilienScout24 CEO Marc Stilke said: "This shareholding is part of our internationalisation strategy to invest early on in emerging countries with strong growth and to establish the use of the Internet as a central and most effective instrument for seeking and marketing real estate."

PropertyGuru noted that an increasing number of real estate and new home developments, especially in urban areas, are marketed on the Internet. The investment will allow PropertyGuru to garner a share of the roughly $900 million annual real estate advertising that is moving online...
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