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TODAY'S OTHER NEWS

ZPG sells overseas arm of Hometrack to Australasian portal firm

ZPG has sold the Australian arm of housing data company Hometrack to REA Group, a multinational digital firm specialising in portals and property marketing.

REA Group operates three portals in Australia - for sales, for flat sharing and for commercial units - as well as portals in Asia, including the Chinese MyFun site.

The ZPG sale of the arm of Hometrack, reported to bne for around £71m, is subject to approval from the Australian Competition and Consumer Commission.

"ZPG acquired Hometrack Australia as part of our acquisition of the wider Hometrack business in the UK last year and we’ve always been clear that our core markets are the UK and Europe. We believe that REA Group, as a local operator, would be a more natural owner of the Hometrack Australia business" says Alex Chesterman, ZPG chief executive.

ZPG acquired Hometrack in January of last year for £120m.

At the time ZPG described Hometrack as having a “ strong position in Australian market with significant growth opportunities”.

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