Dubai-based real estate portal Property Finder has proclaimed plans to take over its UAE-based rival JRD Group, which owns property portal Justproperty.com and Propspace, a broker CRM solution.
The financial value of the transaction was not revealed.
The deal comes a few months US private equity firm General Atlantic led Property Finder’s $120m investment round in November 2018 and is in line with the group’s strategy to enlarge the brand in the UAE, a statement said.
JRD Group founders Alex Nicholas and Siddharth Singh will stay and become shareholders of Property Finder.
Michael Lahyani, founder and CEO of Property Finder, said the move will further “professionalize 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,” he said.
According to the rules of the acquisition, iMENA Group will completely exit its investment in JRD Group.
The transaction comes one week after Property Finder publicized plans to hike its stake in Turkish property portal Zingat to close to 40 percent. The deal is predicted to close after normal conditions have been met.