Realestate.com.au parent company REA Group has expanded its British operations with the $11.9 million acquisition of Britain’s sixth biggest property website.
The purchase of Sherlock Publications gives REA a 50% share in hotproperty.co.uk, a site REA says is used by 1300 British real estate agents to advertise 17,000 listings.
REA already owns 50% of propertyfinder.com, the UK’s second biggest property website, through its half share in UK subsidiary Propertyfinder Holdings.
It will operate the two websites in tandem, with estate agents able to list properties across both websites for the same price.
Sherlock Publications also publishes Hotproperty, Renting and Overseas print titles with a collective monthly circulation of 120,000.
REA group chief executive Simon Baker says the acquisition will help cement propertyfinder.com’s position in the UK market.
“The acquisition of hotproperty.com adds significant new numbers of agents and consumers to the propertyfinder.com business at a very good price,” Baker says.