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Mon 8 Apr 2019 02:20 PM

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UAE's Property Finder inks deal to acquire rival in expansion push

Real estate classifieds website acquires JRD Group, owner of property portal Justproperty.com and Propspace

UAE's Property Finder inks deal to acquire rival in expansion push
Michael Lahyani, founder and CEO of Property Finder.

UAE-based real estate classifieds website Property Finder has signed an agreement to acquire its competitor JRD Group, owner of property portal Justproperty.com and Propspace.

This acquisition happens only a few months after the investment by General Atlantic in Property Finder and is in line with its strategy to expand the brand in the UAE, a statement said.

As part of the acquisition, iMENA Group will fully exit its investment in JRD Group.

Michael Lahyani, founder and CEO of Property Finder, said: “Property Finder and JRD Group share the same consumer-centric philosophy and vision of further professionalising the real estate market.

"The integration of our products and additional investment in JustProperty.com will provide consumers with better insights to support them in taking property buying or renting decisions.”

Alex Nicholas and Siddharth Singh, JRD Group founders, will stay on board and become shareholders of Property Finder, the statement added.

"We are super excited about this opportunity to enable JRD Group to develop its enterprise software products and property portals further and reach a much larger audience through the Property Finder Group network,” said Nicholas, co-founder and CEO of JRD Group.

The deal comes a week after Property Finder announced increasing its stake in Zingat, the second largest property portal in Turkey, to close to 40 percent.