This article is from the Australian Property Journal archive
ASX-listed digital classifieds group Mitula Group has acquired Southeast Asian property portal network DotProperty for $11 million.
DotProperty operates 10 property portals across nine countries in SE Asia. The company’s head office and main portals are located in Thailand and it operates sites in the Philippines, Vietnam, Indonesia, Cambodia, Laos, Myanmar, Singapore and Malaysia.
The $11 million acquisition consists $4.3 million in cash and 6.7 million Mitula Group shares with at an implied issue price of $1.00 per share.
Mitula Group CEO Gonzalo del Pozo said the the strategic acquisition will increase the group’s monetisation of property based visits in some of its Tier 2 markets.
“DotProperty operates in highly attractive markets with a combined population of over 600 million and an internet penetration of 33% growing at 4.7% per annum. These markets have high volumes of property transactions with only a small, but growing, percentage of property advertising spend being online.
“In the June Quarter, the Company generated 123 million visits to its sites in Tier 2 markets yet only yielded an average of 2.4 cents per visit. By comparison, DotProperty yielded approximately 22 cents per visit for the same period. Through the acquisition, the Mitula Group expects to increase its property based revenue from selected Tier 2 markets,” he added.
DotProperty will continue to operate as a separate division within the Mitula Group with Ben Neve taking on the role as general manager of SE Asian Property Portal Operations.
Australia Property Journal
