ANZ has spent about $50 million to acquire a stake in View Media Group (VMG), the majority owner of listings portal realestateview.com.au, in a move that could eventually see the pair working closely in the mortgage space.
The deal sees ANZ join Seven West Media as a minority shareholder in VMG, which also counts PropTech company Propic and utilities service Beevo among its stable of brands.
Executive Chairman, Antony Catalano founded VMG with business partner Alex Waislitz in 2022.
The pair also co-own regional media publisher ACM.
ANZ will take a seat on the board of VMG following the deal.
In addition to the cash injection, the deal includes a proposal to establish an “exclusive financial services partnership on key products”, according to a statement issued by ANZ.
Mr Catalano said the investment was an endorsement of View Media Group’s expansion strategy.
“This is a clear endorsement of the VMG business and the strategy we have set ourselves to disrupt the real estate transactional market,” Mr Catalano said.
“To receive financial backing from one of Australia’s largest companies speaks volumes for the work the team has done to build a major new player in the real estate media and technology sector.
“ANZ has demonstrated that it is a forward-thinking bank and has a clear plan to invest in emerging and disruptive businesses: I’m personally very excited to have their backing and can’t wait to deliver on our plans, not only to generate shareholder value for them but operationally, a steady stream of financial services customers from across the VMG property ecosystem.”
ANZ said that the investment “will help enable our existing strategy to establish a suite of services in the homeowner space that make it easier to buy, own or rent a property.”
“This includes partnering with other service providers to that space like real estate agents and utility operators.”
Mr Waislitz said the move will see VMG’s listing portal become a “digital real estate superstore”.
VMG is set to “build the digital real estate superstore of the future” to carry out all property-related transactions seamlessly on one site.
“Through realestateview.com.au we’ll guide consumers through the whole property life cycle journey and connect with them at every touchpoint,” Mr Waislitz said.
“You’ll be able to buy, sell or rent, but in addition you will be able to get a mortgage, insure the home and contents, connect and disconnect utilities and book trade services.”
The investment from ANZ follows Seven West’s investment of about $100 million in 2022, made up of a mix of cash and contra advertising, according to the Australian Financial Review.
VMG also acquired off-the-plan property platform AD Group and PropTech company The Today Business in 2022.
Mr Catalano was previously CEO of realestateview.com.au’s rival, Domain Group, before departing in 2018.