Other buyers include industry participants with a deep understanding of the market. The deal is subject to Competition Commission approval and is expected be finalised by the end of October 2017. The proposed takeover bid by Property24 parent company Naspers will not proceed.
The new deal was concluded with the assistance of the industry body, Real Estate Business Owners of South Africa (REBOSA).The transaction, once it has navigated the regulatory hoops, will usher in a new era for the property portal. “Private Property has grown strongly in the past three years, achieving excellent results as a digital platform and now holds a significant position in the South African market. We are really pleased that we could conclude a deal that maintains our independence and affords us the opportunity to enhance the role that technology can play in the real estate industry,” said Simon Bray, Private Property CEO. “This is good news for everybody. For Private Property, we get to keep doing what we are passionate about, building a great service for property shoppers. For the industry, it ensures a vibrant competitive environment with at least two big platforms offering advertising services,” he added.