Zoopla becomes shareholder in Propertyfinder Group...

Zoopla Property Group (ZPG) has announced it has become a 1% shareholder in international property portal business Propertyfinder Group (PFG).

The organisation, which is based in Dubai, has several property portals across the Middle East and North Africa.

PFG operates in seven countries, employs almost 200 staff and generates over two million monthly visits.

As part of the deal, ZPG has transferred its ownership of the propertyfinder.com domain name to PFG.

“We are excited to become a small shareholder in Propertyfinder Group, the leading player in digital property across the Middle East and Africa," says Alex Chesterman, founder and chief executive of ZPG.

"Their business is growing fast and we have no doubt that we can add strategic value as a shareholder.”

Michael Lahyani, PFG chief executive, adds: “I have known Alex for years and we have always enjoyed strategic conversations on the real estate classified space.”

“Having ZPG as a shareholder is not only a vote of confidence in our business but also an opportunity to secure the propertyfinder.com domain name, a strategic asset for our group.”

Last month, Chesterman's organisation issued its half-year trading figures, which included news of a 9% rise in total listing, a 6% rise in agent members and a 22% rise in group revenue.

ZPG reported last week that the number of agency branches to have quit challenger portal OnTheMarket and rejoin Zoopla in the past two years has now exceeded 800.