Dubai’s Property Finder has acquired another property website in Bahrain for an undisclosed amount.
The UAE-based real estate portal acquired Bahrain Property World, which has been operating through Propertyfinder.bh in the kingdom for the past five years.
Michael Lahyani, CEO and founder of Property Finder Group, said the acquisition would provide an opportunity to promote Bahrain property to Middle Eastern investors.
"Property professionals in Bahrain will have the opportunity to introduce their inventory in multiple markets where Property Finder Group has on-the-ground operations and a large audience of investors," Lahyani said.
Property Finder raised $120 million in funding from private equity firm General Atlantic in November last year. said the acquisition would further expand its footprint in the Middle East and North Africa.
"This is one of three high-powered strategic moves since closing our latest round of investment led by General Atlantic,” said Lahyani.
“The first being the increase in our share in Turkish portal Zingat, and our recent acquisition of UAE competitor; JRD Group. We are very happy to further instil our confidence in the Bahrain region and continue to invest in a market in which we see a lot of potential and have been present since 2013."
Steven Filipowicz, founder of Bahrain Property World, will continue to be involved in the day-to-day operations of the combined entity.For all the latest tech news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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