South Africa’s Private Property has been acquired for an undisclosed amount by a consortium of South African investors, MyBroadband first reported.
Private Property founder and former CEO Justin Clarke confirmed the deal to TechMoran but did not divulge any details about the transaction.
In November last year, TechMoran reported that Naspers was set to acquire Private Property from Ringier One Africa Media for an undisclosed amount. The deal now officially ends PrivateProperty’s year long search for suitor when regulators approve the deal.
Founded in 1997 by Justin Clarke, Private Property is one of the oldest property portals in South Africa running a subscription business model for agents and unlimited adverts for a fixed fee. In August 2011 Private Property launched Private Property Nigeria and the firm says it has established a leading position by traffic, add volume and revenue and is on track to grow ten fold.
In May last year, Ringier Africa and One Africa Media (OAM) merged to form a pan-African Classifieds assets to create and grow Africa’s largest classifieds group with a new outfit dubbed Ringier One Africa Media (ROAM).
ROAM was a reaction of the changing scene of classifieds business in Africa with stronger players such as Naspers, Rocket Internet and the new Frontier Digital Ventures and the weakening One Africa Media itself with its CEO Carey Eaton gone.
According to people familiar with the deal that time, SEEK and Tiger Global needed more African based/ experienced partners on ground so they don’t lose their cash in Africa. That’s why a deal between One Africa Media, which needed new energy to drive their market penetration and domination across Africa was easily reached with Ringier Africa albeit at a lower value than expected of One Africa Media hence forming Ringier One Africa Media but BuyRentKenya and PrivateProperty opted out of the deal because they felt undervalued and PrivateProperty immediately began chasing for a buyer. ROAM recently acquired 100 percent of BuyRentKenya.
MyBroadband reports that the consortium of South African buyers include Caxton and that the deal was concluded with the help of the Real Estate Business Owners of South Africa.