Clarendon Lawyers is delighted to have advised Commercialview.com.au Limited (CommercialView) on its sale to Commercial Real Estate Media (CREM), a subsidiary of Domain Holdings Australia Limited (ASX:DHG) (Domain).
CommercialView is a commercial property digital listings platform that is owned and supported by some of Australia’s leading commercial real estate agencies in Victoria and New South Wales.
CREM is 70% owned by Domain and 30% owned by members of the commercial real estate industry including leading international brands.
The transaction aligns the interests of commercial real estate agents and is expected to better position CREM and CommercialView for future growth.
The maximum consideration for the sale is $17.2 million, of which a maximum of $2 million is payable in cash. The remainder is payable in newly issued shares in CREM. Completion is targeted to occur on 21 December 2018.
The Clarendons team was led by Director, Robert Feiner, who was assisted by Ingrid Mohr and Ayesha Singh.
Mr Feiner congratulated CommercialView and its shareholders on the transaction, stating: “We are very pleased to have worked with the CommercialView Board and CEO Daniel Bignold to deliver a successful sale of the CommercialView real estate business to Domain. The sale involved a complex process given the nature of the business and number of real estate agencies involved. The sale represents an exciting opportunity for the combined businesses to grow their market share and earnings in the industry going forward.”
CommercialView were also advised on the transaction by Deloitte Private.