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Banking group snaps up real estate portal

Banking group snaps up real estate portal

After months of speculation and negotiation, a group of investors has been approved to take over a real estate portal.

Onthehouse has announced it has lodged the orders of the Federal Court of Australia approving the scheme of arrangement with the Australian Securities and Investments Commission (ASIC).

Under the scheme, a consortium of investors comprising PIQ1 and Macquarie Corporate Holdings Pty Ltd – both wholly-owned subsidiaries of Macquarie Group Limited – and 77 Victoria Street Venture Pty Ltd (as trustee for 77 Victoria Street Trust and Sandrift Pte Limited, entities of which Michael Dempsey and Daniel Dempsey are each affiliated) – will acquire all of the company’s issued shares (other than those already held on behalf of 77VSV) for A$0.85 cash per share.

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ASIC has confirmed the scheme is now effective.

Speaking in July when the Scheme Implementation Deed was announced, Onthehouse chairman Tony Scotton said the transaction would offer a significant premium to shareholders of Onthehouse.

“The consortium’s proposal, if implemented, provides shareholders with an immediate and significant increase in value without the risks inherent in transitioning our Console platform to become a cloud, software-as-a-service offering – something that we believe is critical for the platform to retain its strong position in the market,” he said.

On 11 May, Onthehouse sold its consumer online division, including Onthehouse.com.au, Residex and REAN, to CoreLogic for $3 million.

Following the sale, Onthehouse focused on growing the revenue and profitability of its real estate software division. With the additional funds, the group is looking to grow Console’s share of the real estate software market. The group is also looking to leverage new revenue opportunities by integrating or building other services for real estate agents and their clients.

[Related: Property group rejects Macquarie offer]

Banking group snaps up real estate portal
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