MAIN IMAGE: Rudi Botha, CEO of BetterHome Group; Rhys Dyer, CEO of the ooba Group
Staff Writer
In breaking news, it has been announced that Cognition Limited, the listed subsidiary of Caxtons, is seeking to sell its 50.01% shareholding stake in Private Property. The buyers are the BetterHome Group, the ooba Group and Fledge Capital. Ownership of Private Property will continue to be diversified across a range of stakeholders, with management of Private Property continuing as before under the leadership of experienced CEO, Amasi Mwela.
Rudi Botha, CEO of BetterHome Group, explains his rationale for deepening his investment into South Africa’s number 2 property portal. “Our vision is to inspire home dreams and to create better lives for all South Africans. Partnering with people and businesses that specialise in the home journey is a critical part of achieving this objective.” “Our goal” says Botha “is to see Private Property management team build a world-class property portal with products that delight property professionals and clients alike. Doing so will benefit real estate professionals across the industry.”
Rhys Dyer, CEO of the ooba Group, similarly welcomed the opportunity to invest further in Private Property. “For so many prospective buyers and renters, the journey begins on a property portal like Private Property. Our increased investment and support of Private Property will add to ensuring that Private Property is the “go to” property portal of choice for home seekers in South Africa and the chosen property marketing destination for estate agencies and developers.”
Samuel Seeff, Chairman of Seeff, commented: “ The new structure will bring a more focused approach and deliver a better level of service and value to consumers and the industry. An enhanced product will ensure stronger competition in the portal space”
While Fledge Capital is a new investor into Private Property, BetterHome and ooba first invested in Private Property in 2017, at the same time as Cognition acquired its shareholding in Private Property. Says Dyer, “This increased investment demonstrates our further commitment to the Private Property business and to the strategic importance of strong portal competition in the South African residential property market.”
Botha adds that the BetterHome Group recognises that a vital part of the success of Private Property lies in its continuing to operate as an open marketplace. “As shareholders, we are committed to ensuring equal opportunity for all industry participants – real estate professionals, developers, banks, and originators. The platform must continue helping more buyers and renters find their ideal homes with ease and, with the assistance of real estate professionals, give sellers a platform to showcase their properties,” concludes Botha.
“Doing so will benefit real estate professionals across the industry and ensure that Private Property is once again seen as a strong competitor offering a legitimate alternative to buyers, sellers, renters, real estate professionals and developers wanting to use portal services. We believe that this is crucial given the increasing need for competitive services and the current dominance of South Africa’s largest portal,” says Charl Bruyns, Deputy CEO of BetterHome Group.
