Propertyfinder's Moroccan arm snaps up rival firm Selektimmo

The Moroccan unit of the Dubai listings site Propertyfinder Group has bought a competitor for an undisclosed sum. The acquisition of Selektimmo will give the combined entity more than 1.5 million page views per month with more than 50,000 property listings. Michael Lahyani, the founder and chief executive of Propertyfinder Group, said the deal “comes […]

The Moroccan unit of the Dubai listings site Propertyfinder Group has bought a competitor for an undisclosed sum.

The acquisition of Selektimmo will give the combined entity more than 1.5 million page views per month with more than 50,000 property listings.

Michael Lahyani, the founder and chief executive of Propertyfinder Group, said the deal “comes at a strategic time as we aim to consolidate our position as the leading online real estate portal across our markets”.

The company claims to be market leader in five of the seven markets in which it operates.

Emmanuelle Boleau, the founder of Selektimmo, said: “We believe this acquisition is the next logical step in the evolution of the online real estate sector in Morocco by providing scale to compete in a marketplace of more than 30 million people.”

Propertyfinder Group secured US$20 million (Dh73.5m) from venture capital backers led by Vostok New Ventures in January. Vostok bought a 10 per cent stake, valuing Propertyfinder at $200m.

Its competitor JRD Group, which is behind the Justproperty brand, also secured funding from iMena Group in August last year. iMena’s chairman, Khaldoon Tabaza, said that it planned to invest $25m in online real estate listings over the next two years and would make JRD Group “the cornerstone” of this investment.

Dubizzle, a general online listings site with a property element, has been backed by the South African venture capital firm Naspers.

mfahy@thenational.ae

Source: Business

Leave a Reply

Your email address will not be published. Required fields are marked *