JAKARTA (TheInsiderStories) – Emerging Markets Property Group (EMPG), the Dubai-based parent of property portal Bayut has acquired Lamudi Global‘ operations in Indonesia, Philippines, Indonesia and Mexico for an undisclosed sum. The combined total of real estate transactions in these countries is estimated to be US$55.1 billion per year, with a potential commission pool of over than $2.3 billion for real estate professionals.
“These are also densely-populated geographies with a combined population that is just shy of half a billion people,” EMPG said in official statement on Tuesday (05/12).
The latest deal comes almost a year after EMPG’ acquired of Lamudi’ Middle East and Pakistan businesses, which have already been integrated into its existing portals. The acquisition also had taken place before its merger with Dutch OLX Group’ businesses in Middle East and North Africa (MENA) and South Asia that raised EMPG’ valuation to $1 billion.
“Our aim is to build a strong presence in the region with these acquisitions. Southeast Asia is a bustling, happening market with tremendous potential, and we look forward to providing the best experience to both professionals and consumers,” said EMPG’ CEO, Imran Ali Khan in an official statement.
While, Kian Moini, the CEO of Lamudi, said EMPG’ expansion into the region would raise the bar for online marketplaces. The property portal operator was founded in 2013.
In addition to Indonesia, the tech company has been available in various countries, such as the Philippines, Algeria, Bangladesh, Colombia, Kenya, Mexico, Morocco, Myanmar, Nigeria, Pakistan, Rwanda, Saudi Arabia, Tunisia, and Uganda. The real estate market offers the best sellers, buyers, landlords and tenants of the platform to buy, sell or rent a house, land or commercial property online.
In February, EMPG acquired Thailand’ property portal Kaidee to strengthen its presence in South East Asia. Last month, the company has secured $150 million led by OLX Group.
EMPG owns and operates online marketplaces in key emerging markets across the world including Bayut, which operates in the countries of UAE, Saudi Arabia and Jordan, Zameen in Pakistan, Bproperty.com in Bangladesh, Mubawab in Morocco and Tunisia and Kaidee in Thailand. Its portfolio also includes Dubizzle in the UAE and the OLX classifieds sites in Pakistan, Egypt, Lebanon, Bahrain, Oman, Kuwait and Qatar.
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