The news comes a few months after Jumia went public and Emerging Markets Property Group (EMPG) closed its $100 million Series D.
“The acquisition consolidates Mubawab’s position as region’s leading real estate website, while providing access to the most promising real estate markets in the Maghreb, with more than 90 million people,” the company said in a statement.
Emerging Markets Property Group that owns different property portal including UAE’s Bayut and Pakistan’s Zameen has been on a shopping spree acquiring different smaller competitors across the Middle East & North Africa. Interestingly, all the acquisitions made by EMPG, except Mubawab, in the last one year are (were) Rocket Internet companies, including Lamudi in Bangladesh, UAE, Jordan & Saudi and now Jumia House in Morocco, Tunisia & Algeria.
Bayut, EMPG’s UAE-based property portal recently expanded to Saudi after acquiring Lamudi Saudi in April.
Mubawab, the leading real estate portal in Morocco, has bought Jumia House in the Maghreb region. Jumia House occupies a strong position not only in Morocco, but also in Tunisia as well as in Algeria.
Read more here
Join us in Madrid, November 12-15 for the Global Online Marketplaces Summit.