Private Property recently announced the conclusion of a new deal that saw South Africa's industry leading name undergo a change in ownership. A consortium of South African buyers, spearheaded by media giant, Caxton CTP, has taken the reigns of the property portal over from the U.S. based OAM – a private equity controlled company.
Private Property said they were confident that the new partnership will produce truly exceptional results, and will continue to move from strength to strength.
With this in mind, Southlands Sun and Private Property informed all existing and new local estate agents and property clients that in due course, their listings will be searchable on the relevant Caxton newspaper website e.g. ‘Properties in Durban South’ will be searchable on the Southlands sun website as well as on Private Property.
A media release stated: "We are currently working together to ensure that our clients receive only the very best in property advertising solutions both digitally and in print."
Other buyers include industry participants who bring a considerable depth of expertise to the table. The deal was concluded with the assistance of the industry body, Real Estate Business Owners of South Africa, and was approved by the Competitions Commission. Simon Bray, CEO of Private Property, noted:
“Private Property has grown strongly over 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.”
Simon adds, “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.”
SOURCE Private Property
Edited by G. Davila
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