IPP 0.00% $3.98 iproperty group limited

News: iProperty buys Thai real-estate portal

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    Malaysia based iProperty Group Limited (ASX:IPP) will acquire the Thai real estate portal ThinkOfLiving.com for cash and shares worth $8 million.
    The company says the portal is Thailand’s number one real estate network and will give it access to the Thai market with an immediate leadership position. 
    The portal has a total of 106 property developers active on the portal and the acquisition will bring iProperty Group’s total number of advertisers on its websites to 500 across the region.
    The company’s CEO, Georg Chmiel, says the Thai market spends an estimated A$120 million on real estate advertising each year.
    iProperty Group reported a net loss $8.97 million in the first half of 2014.
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