ipropertyIt is being reported by the Australian newspaper website that the CatchaMedia, the company of iProperty Group founder Patrick Grove and Luke Elliott, is offloading 25 per cent of its stake in iProperty - a selldown worth around $27 million.
Morgans was handling the block trade after the market closed today on behalf of Mr Grove’s Catcha Group. They were offering 10 million shares at a price between $2.70 to $2.75, representing 5 per cent of the shares on issue.
Catcha is understood to be selling the stake to reinvest into a new business venture.
iProperty is based in Kuala Lumpur and owns and operates a network of 18 property websites in Asia.
The sale of shares comes only a day after the iProperty Group announced the acquisition of the REA Group's Hong Kong business. The shares jumped 12.4% on that news to $2.82, up from $2.50. Overall though, the iProperty shares are down from a high of over $4.00 in March this year.