News Corp property website to buy out iProperty for $414m to gain Asia presence

The deal would give News Corp exposure to property markets of Thailand, Indonesia, Malaysia and Hong Kong just as Australian real estate advertisers like REA brace for a downturn at home following several years of double-digit growth.

In a statement on Monday, REA Group said it plans to pay A$4 per share for the 77.3 percent of iProperty that it does not already own, giving the target company a market capitalisation of A$751 million. iProperty would recommend the deal in the absence of a better offer.