By Staff writer
Online property firm continues expansion with deal for SeleKtimmo for undisclosed sum
Dubai-based Propertyfinder Group has completed its acquisition of Moroccan property portal SeleKtimmo for an undisclosed sum through its subsidiary Sarouty.ma.
The company said in a statement that SeleKtimmo is the oldest online real estate portal in Morocco, adding that the acquisition will see Sarouty.ma consolidate its number one position in the online real estate sector, taking its market share to over 65 percent.
"This acquisition comes at a strategic time for our business as we aim to consolidate our position as the leading online real estate portal across our markets. The acquisition of SeleKtimmo has enabled us to become the dominant player in Morocco, a fast growing and competitive marketplace," said Michael Lahyani CEO and founder of Propertyfinder.
Sarouty.ma has more than 30,000 listings from real estate agencies, developers, and a portfolio of 200 clients from the industry.
Combined with SeleKtimmo, it will have over 50,000 listings and it will generate 500,000 monthly visitors, more than 1.5 million page views and connect 20,000 house hunters to brokers and developers, the company said.
"We believe this acquisition is the next logical step in the evolution of the online real estate sector in Morocco by providing scale to compete in a marketplace of over 30 million people," said Emmanuelle Boleau, founder of Selektimmo.
"We are excited about this acquisition and the unique opportunities that our two companies can bring to the market," added Ismael Belkhayat, general manager of Sarouty.ma.
In January, Propertyfinder Group raised $20 million in growth capital from the Sweden-listed investment company, Vostok New Ventures Ltd, a transaction that valued the company at $200 million.
The real estate classified website has expanded in the UAE, Qatar, Bahrain and Lebanon, Saudi Arabia, Egypt and Morocco. Each month, over one million users visit the websites, generating over 300,000 leads for agents and developers.