ASX-listed DomaCom Limited has taken a significant step forward in its plans by entering into an agreement with property co-ownership marketplace operator Bricklet. The agreement includes a $3 million loan and a $1 million investment in DomaCom through a private placement. Completion of this transaction is contingent upon Bricklet’s due diligence investigations on DomaCom, expected to conclude by February 2, 2024.
The capital infusion will primarily be utilized for the full repayment of existing convertible noteholders, amounting to $2,450,000, due on February 1, 2024. Concurrently, DomaCom is actively exploring the potential acquisition of Bricklet, having initiated a term sheet and commenced due diligence as part of the negotiation process.
The envisioned merger of these two entities aims to enhance the investment landscape for fractional property investors, aligning with their shared objective of facilitating access to previously inaccessible assets. By leveraging each other’s strengths, including resources, expertise, and distribution networks, the combined entity seeks to offer a more diverse range of investment products, positioning itself as a frontrunner in the Fractional Investing market.
Expressing enthusiasm about the potential synergies, DomaCom CEO John Elkovich emphasized the shared commitment to democratizing asset diversification for investors. Giuseppe Porcelli, Chairman of Bricklet, echoed this sentiment, highlighting the transformative impact of uniting forces in expanding product offerings and breaking barriers for investors.
As the due diligence process progresses, both DomaCom and Bricklet remain focused on realizing their collective vision of empowering investors with broader access to fractional property investments, underscoring their leadership in the evolving Fractional Investing landscape.
