German telecommunications company Deutsche Telekom's (>> Deutsche Telekom AG) unit Immobilienscout24 is purchasing a large minority stake in the real estate portal Propertyguru, a leading provider in Singapore, Malaysia, Thailand and Indonesia, newspaper Financial Times Deutschland reports Friday.
The newspaper didn't provide financial details, but Propertyguru says on its website it received a strategic investment of 60 million Singapore dollars (around US$47 million) from ImmobilienScout24.
Only Deutsche Telekom's information technology unit T-Systems has a presence in Singapore, China and Malaysia, so far, the report says.
"Asia is a dynamic growth market and as such of great strategic importance to Scout24 group," chief executive of Scout24, Martin Enderle, told FTD. In total, Scout24 has seven portals, including portals for cars, jobs and electronics in addition to the real estate portal Immobilienscout24.
"It opens up opportunities for other segments of the company," head of Immobilienscout24, Marc Stilke, added in regard to further potential expansions, the article says.
Stilke, however, said they weren't considering an expansion into China at this stage.
Propertyguru was founded in 2006 and has 240 employees.
Newspaper website: http://www.ftd.de
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