News Limited has secured a 44 percent stake in realestate.com.au, in a move it says will enhance its newspaper advertising services.
The company says the alliance will benefit both real estate agents and homebuyers.
-This partnership will allow us to reach agents and homebuyers in markets that News Limited does not currently cover with one of our newspapers", Patrice McAree, director, new media for News Limited said in a statement.
The real estate portal "attracts 140,000 unique visitors per month and lists more than 70,000 properties on the site.
-More than 2,100 agents - approximately 25 percent of the market - use the service."
As part of the deal, News Limited has invested AU$2.25 million in cash plus advertising, promotional and co-branding support in its 94 suburban newspapers.
News Interactive's HomesOnline.com.au would be folded into realestate.com.au to provide a single, integrated service.
The transaction is subject to realestate.com.au Limited shareholder approval.
News Interactive is News Limited's on-line division.
