ThinkOfLiving.com acquisition complete – iProperty Group now owner and operator of Thailand’s number one real estate portal
iProperty Group Ltd (ASX: IPP), the owner of Asia’s No. 1 network of property portal sites and related real estate services, today announced that it has completed the acquisition of ThinkOfLiving.com in Thailand.
The acquisition allows iProperty Group an entry into Thailand with an immediate leadership position by way of a profitable business. The consideration for the ThinkOfLiving.com business consists of a base payment of $5.80m and 675,570 new ordinary shares. The vendors of the business may also be entitled to additional consideration depending on the financial performance of the business over the years 2015 to 2017. The cash portion of the consideration will be funded from existing cash reserves and the future expected profits of the Thailand business.
ThinkOfLiving.com focuses on the property developer segment. All top 20 developers in Thailand already subscribe to its services, with a total of 106 property developers currently active as clients of the portal. The business has also commenced a strong move into the real estate agent and secondary property segment that is showing excellent early results.
Approximately 90% of traffic to ThinkOfLiving.com is organic and unpaid, representing a clear leadership position with tremendous user engagement. Social media traction is also strong, with over 500,000 Facebook fans and the largest YouTube subscriber base of any property business in the country, with over 3x the number of video views of its closest competitor.
The acquisition immediately brings the total number of developer advertisers on iProperty Group websites to approximately 500 across the region.
Thailand is now the third profitable country in iProperty Group’s five country portfolio after Malaysia and the greater Hong Kong / Macau Region.
Said Georg Chmiel, Managing Director and Chief Executive Officer of iProperty Group, “We are pleased to see the acquisition of ThinkOfLiving.com complete as it puts us in a clear number one position in another attractive market in the Southeast Asian region. The Thailand market is estimated to currently spend A$137m in real estate advertising per year, with the majority of that spent on advertising new developments. Online’s share of those advertising dollars is at a similar level to that of Malaysia 5 years ago.”
He continued, “We believe a tremendous opportunity is also to hand with the extremely encouraging results from ThinkOfLiving.com’s recent entry into the real estate agent and secondary property segment and look forward to driving that and the developer advertising business to new heights in the months and years ahead.”