UAE-based Propertyfinder acquires Moroccan portal

Dubai-based Propertyfinder Group announced that it has fully acquired Moroccan property portal SeleKtimmo for an undisclosed sum.

The acquisition was carried out through Propertyfinder’s Moroccan subsidiary Sarouty.ma.

SeleKtimmo is Propertyfinder’s first acquisition since it raised $20m from Sweden’s Vostok New Venture in January for a 10 per cent stake. The deal gave Propertyfinder a $200m valuation.

Read more: Dubai’s Propertyfinder Group receives $20m funding, company valued at $200m

“This acquisition comes at a strategic time for our business as we aim to consolidate our position as the leading online real estate portal across our markets,” said founder and chief executive Michael Lahyani.

“The acquisition of SeleKtimmo has enabled us to become the dominant player in Morocco, a fast growing and competitive marketplace.”

Launched in 2008, SeleKtimmo is the oldest online real estate portal in the North African country.

Sarouty.ma, which has more than 30,000 listings and a portfolio of 200 clients, will now get a 65 per cent market share in Morocco, a statement said.

Combined with SeleKtimmo, it will have over 50,000 listings and generate 500,000 monthly visitors and more than 1.5 million page views, the statement added.

It will also seek to connect 20,000 house hunters to brokers and developers.

For now, SeleKtimmo will continue as independent website, but certain divisions and operations will be merged, the company said.

Looking ahead, Propertyfinder – which operates in seven markets including Morocco, Qatar, Lebanon, Saudi Arabia, UAE, Bahrain and Egypt – is not looking at any further acquisitions.

“Our mid-term focus is on consolidating our number one presence in all their operating countries, while constantly strengthening our sales and marketing teams on the ground in each of our key markets,” the company said.

The group is also not planning any immediate fund raising programmes.

“We have adequate levels of liquidity to implement our strategy for the foreseeable future,” it added.