PropertyGuru completes acquisition of iProperty Malaysia

PropertyGuru Group (“PropertyGuru” or “the Group”), Southeast Asia’s leading property technology (“PropTech”) company1, today announced that it has successfully completed the acquisition of iProperty Malaysia and thinkofliving, following its initial announcement on 31 May 2021.

PropertyGuru now owns all of the shares in REA Group Limited’s (ASX:REA, “REA”) entities in Malaysia and Thailand, which include iProperty.com.my and Brickz.my in Malaysia and thinkofliving.com and Prakard.com in Thailand. In exchange, REA now has an approximate 18% equity interest in PropertyGuru.

Another IPO listing via US SPAC route?

In addition, PropertyGuru announced, on 24 July 2021, a business combination with Bridgetown 2 Holdings Limited (NASDAQ: BTNB), a special purpose acquisition company, through which PropertyGuru plans to list its business on the New York Stock Exchange (“NYSE”).

REA has committed to subscribe for US$52 million 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% stake in the listed entity and will have the right to nominate one director to the listed entity’s board.

PropertyGuru is Southeast Asia’s #1 digital property marketplace with leading positions in the region’s Singapore, Vietnam, Malaysia and Thailand. The acquisitions, coupled with the Group’s market leadership across the region’s five major markets, strongly position PropertyGuru to capture the 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 while delivering the same market leading value and services to property seekers, agents and developers. 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.

The acquisitions will also accelerate PropertyGuru’s ambition of building the region’s property Trust Platform: a platform that connects Southeast Asia’s property markets into an efficient ecosystem that builds trusted relationships between agents, consumers, developers, valuers, and banks by driving greater transparency and efficiency.

Follow our active updates via Facebook @FinanceMalaysia