Domain has agreed to acquire the entirety of CommercialView, a digital listings platform for commercial property, for a rumored amount of up to $17.2 million. The acquisition is dependent on CommercialView meeting certain revenue targets within Domain’s subsidiary, CommercialRealEstate.com.au.
CommercialRealEstate.com.au is primarily owned by Domain, with a 70% stake, while the remaining 30% is owned by members of the commercial real estate industry, including major international brands.
CommercialView is currently owned and supported by some of Australia’s top commercial real estate agencies in Victoria and New South Wales. This acquisition will bring together the interests of commercial real estate agents and CREM in key markets. With both businesses operating under the same umbrella, CREM will be even better positioned to increase its market share and earnings.
According to Jason Pellegrino, the CEO of Domain Group, the commercial real estate sector has experienced remarkable expansion over the past three years, which has been advantageous for its clients, investors, and the wider industry. He stated that the approval of the deal by the CommercialView shareholders is a significant indication of their belief in the growth prospects of their commercial real estate enterprise.
