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Domain has finalised a strategically important commercial acquisition, that will give it a significant leg up in the market and see it further close the gap in its duel with realestate.com.au for market dominance in the online property portal space.
Domain has entered into an agreement with the shareholders of Commercialview.com.au to acquire 100 per cent of the issued share capital in CommercialView.
In an ASX announcement Domain said the acquisition would occur through a subsidiary of Domain, Commercial Real Estate Media Pty Limited.
Domain Group CEO Jason Pellegrino said the move is an important one for the Domain business.
“Commercial real estate has seen tremendous growth in the last three years, benefitting its customers and the broader industry,” he said.
“The unanimous support for the transaction from CommercialView shareholders is a strong vote of confidence in the upside potential of our commercial real estate business.”
The transaction is targeted to occur on 21 December 2018.
CommercialView is a commercial property digital listings platform that is owned and supported by some of the country’s leading commercial agencies in Victoria and New South Wales.
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