Popular online property portal Private Property has announced that its major shareholder, Cognition Holdings, is selling its 50.01% shareholding in the company to a consortium made up of BetterHome Group, ooba and Fledge Capital.
Cognition’s decision to dispose of its stake in Private Property is the result of a strategic reassessment prompted by a restructuring of its management team at the end of 2021.
“In tandem with Cognition’s strategic reassessment, Private Property undertook a similar exercise. We concluded that we needed to commit greater investment to support future growth, requiring the allocation of considerable resources to both technology and marketing,” says Amasi Mwela, CEO, Private Property. “The new shareholders are better aligned to our growth strategy and are in a position to add considerable value to Private Property.
“It is a particular pleasure to note that BetterHome Group and ooba have been investors in Private Property since 2017, and so this transaction represents a major endorsement of Private Property and its prospects.”
Private Property launched a major repositioning in 2019, moving from a purely digital go-to-market strategy to a multichannel one. As part of this initiative, it acquired the flagship property expo, The Property Show, and the Property Power Magazine. It also inaugurated the first Real Estate Industry Summit.
BetterHome Group (formerly BetterLife) is headed up by Rudi Botha. It is focused on investing in businesses that specialise in the home journey.
Ooba is a leading aggregator of home loans, working with multiple financial services institutions to secure the best possible deal for its clients. Fledge Capital is an independent investment company providing capital solutions to private companies across various industry sectors. It invests in companies with proven business models and high-performing management teams committed to growth.
Says Mwela: “We see considerable opportunities between Private Property and these new shareholders, and are confident that this transaction marks the beginning of an exciting new phase in our journey to develop innovative and holistic property solutions.”
