Domain has entered into an agreement to acquire 100% of CommercialView for a rumourned amount of up to $17.2 million provisional on CommercialView hitting revenue targets within Domain’s subsidiary CommercialRealEstate.com.au.
CommercialRealEstate.com.au is 70% owned by Domain and and 30% owned by members of the commercial real estate industry including leading international brands.
CommercialView 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.
Domain Group CEO Jason Pellegrino said:
“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 CommercialView shareholders is a strong vote of confidence in the upside potential of our commercial real estate business.”