Domain have made their first acquisition since the Nine takeover, purchasing Commercialview.com.au.
The move comes after the announcement last week that Chief Sales Officer Tom Ainsworth had been made redundant after CEO Jason Pellegrino had made the decision to restructure the business.
The acquisition is occurring via Commercial Real Estate Media (CREM) which is a subsidiary of Domain – owned 70 per cent by the company, with the remaining shares taken by members of the commercial real estate industry.
Commercial Real Estate is worth an estimated $4.2 million to $17.2 million, depending on future performance, and signifies Domain is looking to get a stronghold in the commercial space.
The deal is expected to be completed by 21 December.
A release to shareholders said the following, “Commercial View is a commercial property digital listings platform that is owned and supported by some of Australia’s leading commercial real estate agencies in Victoria and New South Wales. The transaction aligns the interests of commercial real estate agents and CREM in strategically important markets. By operating both businesses, CREM will be even better positioned to continue growing market share and earnings.”
“Commercial Real Estate has seen tremendous growth in the last three years, benefiting its customers, shareholders and the broader industry. The unanimous support for the transaction from Commercial View shareholders is a strong vote of confidence in the upside potential of our Commercial Real Estate business,” said Mr Pellegrino in the release.
Since last week, Domain is now majority owned by Nine, after previous owner Fairfax Media was merged with the company.
