Online property portal Private Property has announced the conclusion of a deal which will see a change in ownership going to a local consortium.
The deal will see ownership of the group shift from the existing shareholder, OAM, which is an American private equity controlled company, to a consortium of South African buyers, including listed media giant Caxton.
Other buyers include industry participants with a deep understanding of the market, the group said.
The deal is subject to Competition Commission approval and is expected be finalised by the end of October 2017. The proposed takeover bid by Property24 parent company Naspers will not proceed, it said.
The new deal was concluded with the assistance of the industry body, Real Estate Business Owners of South Africa (REBOSA).
“Private Property has grown strongly in the past three years, achieving excellent results as a digital platform and now holds a significant position in the South African market,” said Simon Bray, Private Property CEO.
“We are really pleased that we could conclude a deal that maintains our independence and affords us the opportunity to enhance the role that technology can play in the real estate industry.”
Bray said the deal was the best option for the industry, as it ensures a competitive environment with at least two big platforms offering advertising services.