27th Mar 2006 11:44
Independent News & Media PLC27 March 2006 27 March 2006 Independent Acquires PropertyNews.Com Independent News & Media PLC ('INM') has agreed to acquire the entire issuedshare capital of PropertyNews.com, the largest internet property site on theisland of Ireland, covering Northern Ireland and neighbouring counties in theRepublic of Ireland. The PropertyNews.com database lists nearly 20,000 properties for sale, 4,000 ofthem in the Republic. 99% of estate agents in Northern Ireland list theirproperties on the site and it is estimated that about 90% of all properties forsale in the Province at any given time are shown. INM has also acquired the PropertyNews monthly newspaper, also founded by Grahamand Lorna Brown in 1983, which carries more properties for sale than any otherprint publication in the Province. It has a unique relationship with estateagents who distribute it through a network of over 200 offices. The internetsite was launched in 1998. Mr Brown and Conor MacCarrick, Chief Executive ofPropertyNews.com, will continue to head up the group. The transaction is conditional upon regulatory approval. In May 2005 PropertyNews.com extended its franchise into the Republic ofIreland, and has already gained a market share of 70% in Donegal and anestimated 25% across ten counties. Listings are increasing daily. Site traffic in February 2006 reached a new record of 10m page impressions,making PropertyNews.com the most popular website in Northern Ireland. TheBelfast Telegraph site, www.belfasttelegraph.co.uk, also owned by INM, is thethird largest Northern Irish site. PropertyNews.com currently has 350,000 uniquevisitors a year which is double the level of a year ago, with 10% of them in theRepublic. The acquisition of PropertyNews.com is part of INM's strategy of becoming thenumber one classified website in every market in which it operates. Sir Anthony O'Reilly, Chief Executive of INM said, "The combination ofPropertyNews.com and INM's online and newspaper operations will allow the groupto offer estate agents and home-owners an unrivalled package. PropertyNews.comhas gained broad industry recognition for its content, technology andgroundbreaking service and this, allied to the most important newspaper group onthe island of Ireland, will create a compelling offering of print and online.The formula which made PropertyNews.com so successful in Northern Ireland is nowbeing rolled out across the Republic and the strength of the Independentnewspaper titles will considerably accelerate this." Graham Brown, of PropertyNews.com commented, "I am delighted that PropertyNewswill be joining the Independent stable, which will be able to use itsconsiderable resources to establish it not only in the Republic but on themainland UK as a major property internet site. I look forward to working withIndependent and to retaining and building on the excellent relationshipPropertyNews has established with its clients and customers." For reference: Gavin O'Reilly +353 1 466 3200Independent News & Media PLC Ivan Fallon +44 207 005 3800Independent News & Media (UK) Graham Brown +44 28 3835 5060In-House Publications Pat Walsh +353 1 498 0300Murray Consultants (Dublin) +353 87 226 9345 Rory Godson +44 20 7236 5619Powerscourt Media (London) This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Independent News & Media