Emerging Marketplaces Property Group (EMPG) has acquired real estate marketplaces specialist Lamudi Global for an undisclosed amount. The acquisition took place earlier in the year, before Prosus took a 39% share in EMPG last month.
EMPG operates multiple real estate verticals and horizontal businesses across MENA and Asia. The acquisition will increase EMPG’s operations in Southeast Asia, as well as give it a foothold in Latin America. Lamudi currently operates real estate verticals in Indonesia and the Philippines, as well as Mexico, Peru and Colombia.
“Lamudi is currently a well-recognized brand with an excellent market share in the Philippines, Indonesia and Mexico,” EMPG said in a news release announcing the transaction. “The combined total of real estate transactions in these countries is estimated to be $55.1 billion U.S. per year, with a potential commission pool of over $2.3 billion U.S. that EMPG’s real estate partners can benefit from. These are also densely populated geographies with a combined population that is just shy of half a billion people.”
Second deal with Lamudi
Last April, the Dubai-headquartered group acquired Lamudi’s businesses in the Middle East and Pakistan through its local vertical, Bayut. The acquisition included Lamudi’s property portals in the UAE, Saudi Arabia and Jordan, all of which have since been relaunched under the Bayut brand. Lamudi’s Pakistan site has since relaunched as Prop.pk, becoming the No. 2 site by total monthly visits in the country, behind sister site and market leader Zameen.
In announcing this most recent deal, EMPG only mentioned the Philippines, Indonesia and Mexico sites as part of the acquisition, indicating that Lamudi’s sites in Peru and Colombia are likely to be terminated. At the time of writing, Lamudi’s Colombia site was down while the Peru vertical continued to function.
“These are very exciting new regions for us, where there is potential for technology to make a significant difference and add value,” said Haider Ali Khan, CEO of Bayut and head of MENA for EMPG. “We look forward to working closely with the local teams and providing the necessary support to enhance their presence using advanced technology and extensive market research.“
What does it mean?
The move has major ramifications for EMPG — the company is now a major, global player in real estate marketplaces. The acquired Lamudi sites will most likely be rebranded under Bayut, meaning the previously MENA-focused company will expand operations into Asia and Latin America, two major emerging regions for real estate.
EMPG already operates a number of leading real estate verticals, including Zameen in Pakistan, BProperty in Bangladesh, Mubawab in Morocco, Tunisia and Algeria, and Bayut across the MENA region. In addition to operating leading horizontal Kaidee in Thailand, EMPG also controls OLX sites in the Middle East, Egypt and Pakistan, following its deal with Prosus in late April.