Property data and research house, RP Data has extended its presence in the market with the announcement that it has acquired privately-owned commercial property specialist Commercial Property Monitor for $3.2 million.
RP Data told the Australian Stock Exchange that the acquisition of CPM sees it also pick up CPM’s assets and shares in related entity PropertyWeb, which will expand RP Data’s leading commercial CBD position established via CityScope.
Commenting on the acquisition, RP Data chief executive Graham Mirabito said it was in line with the company’s stated strategic direction to expand its commercial property information services portfolio.
“While commercial property represents 15 per cent of real estate agents’ revenue, it accounts for less than 10 per cent of RP Data’s property information portfolio, presenting a considerable opportunity for growth,” he said.
