With all of the owes of MyHome you would think it would make PBL a little scared of online investments. Not so, a Consortium consisting of Publishing and Broadcasting Limited and Macquarie Bank today announced that it will acquire 66.2% of Immobilien Scout. This gives the consortium 66.2% for a mere 357 million Euros (about 630 million AUD).
What does it mean for Australia? Well nothing much in the short term but they might ask the Immobilien development and marketing team if they could help with the embattled MyHome.
I must say bI do like these deals – any time an Australian company (consortium) invests overseas, such as what REA have done over the past years shows that we too can play instead of build and sell. As for MyHome, I really do hope they can get their act together as the Australian real estate market really does need some competition.