Dubai-based Property Finder’s shopping spree of regional property websites doesn’t seem to be ending anytime soon. A week after announcing the acquisition of its Dubai-based competitor JustProperty.com, Property Finder has announced the acquisition of Bahraini property portal ‘Bahrain Property World’ without disclosing the financial details of transaction. The Dubai-based company had also increased its stake in Turkish property portal Zingat to 37% after making an investment of $12 million in it.
All these acquisitions come almost six months after Property Finder raised $120 million from General Atlantic in one of the largest investment rounds secured by a startup from MENA.
Property Finder has been active in Bahrain since 2013 through its property portal PropertyFinder.bh that receives over 50,000 monthly visitors on average. Bahrain Property World, on the other hand, was apparently launched last year, and currently receives 15,000 monthly visitors on average.
Michael Lahyani, Founder and CEO of Property Finder Group, said: “This is one of three high-powered strategic moves since closing our latest round of investment led by General Atlantic. The first being the increase in our share in Turkish portal Zingat, and our recent acquisition of UAE competitor JRD Group. We are very happy to further instill our confidence in the Bahrain region and continue to invest in a market in which we see a lot of potential and have been present since 2013.”
“It is also a testament of the potential growth that we expect from the country, where we want to continue to bring the best real estate listings and data to Bahrain citizens and residents. Property professionals in Bahrain will have the opportunity to introduce their inventory in multiple markets where Property Finder Group has on-the-ground operations and a large audience of investors,” he added.
It is not clear but the statement suggests that Bahrain Property World will be absorbed into PropertyFinder.bh and Steven Filipowicz, Founder of Bahrain Property World, will continue to play a role and be involved in the day-to-day operations of the combined entity.
Steven, commenting on the occasion, said, “This is an exciting new chapter for my family and I. As a company, we are happy to join the Group and benefit from the vast experience, knowledge, extensive MENA network, advanced technology guidance and expertise that the Group of portals will provide to us. We look forward to an exciting future of synergies with Property Finder in Bahrain.”
SOURCE Property Finder