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PropertyGuru Appoints REA Group CEO Owen Wilson to Board of Directors as a Non-Independent Director
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Positive)
Tags
management
Rhea-AI Summary
PropertyGuru Group has appointed Owen Wilson, CEO of REA Group, as a Non-Independent Director on its Board, enhancing its leadership as it prepares for public listing on the NYSE. This follows REA's acquisition of an 18% equity interest in PropertyGuru and its upcoming participation in a $132 million PIPE investment in conjunction with the business combination with Bridgetown 2 Holdings Limited (NASDAQ: BTNB). The strategic partnership aims to accelerate PropertyGuru's growth in the competitive PropTech landscape.
Positive
Owen Wilson's extensive experience in digital transformation and leadership in real estate enhances PropertyGuru's Board.
REA Group's strategic investment of $32 million in the PIPE, reinforcing confidence in PropertyGuru's growth strategy.
PropertyGuru is preparing for a public listing on the NYSE, signaling a commitment to expansion and increased visibility in the market.
Negative
None.
Appointment underscores REA’s confidence in the Group; Mr. Wilson brings executive experience leading digital transformations in the real estate and finance industries
SINGAPORE--(BUSINESS WIRE)--
PropertyGuru Group (“PropertyGuru” or “the Group”), Southeast Asia’s leading property technology (“PropTech”) company1, today announced that REA Group Ltd (ASX:REA) (“REA”) Chief Executive Officer Owen Wilson has joined its Board as a Non-Independent Director.
Mr. Wilson’s appointment follows REA’s acquisition of an 18% equity interest in PropertyGuru, which it received as part of the Group’s acquisition of REA’s Malaysia and Thailand entities that was completed on August 3, 2021. REA plans to further extend its strategic investment in PropertyGuru through participation in the Group’s business combination with Bridgetown 2 Holdings Limited (NASDAQ: BTNB) (“Bridgetown 2”), a special purpose acquisition company formed by Pacific Century Group and Thiel Capital LLC. REA will participate in the approximately US$132 million private placement (“PIPE”) of common stock of the combined company, by making an equity investment of US$32 million and will roll over its existing equity position in PropertyGuru into the combined company.
Mr. Wilson brings over three decades of experience working across the real estate, information technology, recruitment and finance industries in Australia, Asia and the United Kingdom, where he has driven digital transformations to help companies adapt to new operating environments. As CEO of REA Group, Mr. Wilson’s leadership has been instrumental in building high performing teams delivering customer solutions and personalised consumer experiences to change the way the world experiences property.
The appointment of Mr. Wilson further strengthens PropertyGuru’s Board as the Group prepares to accelerate its growth strategy by becoming a public company listed on the New York Stock Exchange (“NYSE”). His appointment follows the recent addition of Rachna Bhasin, a global technology leader and proven entrepreneur, as an Independent Director.
Hari V. Krishnan, Chief Executive Officer and Managing Director, PropertyGuru Group, said, “Over the past fourteen years, PropertyGuru has helped create the PropTech industry in Southeast Asia and is focused on leveraging our technology and data to help people make confident property decisions in an efficient and transparent manner. We welcome REA as a strategic partner as we take the Group forward into our next phase of growth. Owen is an accomplished global business leader, who shares our vision and we are delighted to welcome him to our Board. I have enjoyed my discussions with him and look forward to the Group gaining from his extensive experience.”
Owen Wilson, Chief Executive Officer, REA Group, said, “In the competitive Southeast Asia PropTech market, PropertyGuru stands out as a leader and driver of transformation. Hari and his team are simplifying how property buyers, sellers, agents and developers interact using technology and data-driven insights. I am excited to be joining PropertyGuru’s Board as the Group continues to spearhead the transformation of the region’s property market."
With Mr. Owen’s appointment, PropertyGuru’s Board of Directors expands to nine Directors:
Steve Melhuish (Co-Founder, PropertyGuru), Non-Executive Director
Dominic Picone, Non-Executive Director
Ashish Shastry, Non-Executive Director
Owen Wilson, Non-Executive Director
About Owen Wilson
Mr. Wilson has been CEO of REA Group since 2018. Prior to that, Mr. Wilson was the company’s Chief Financial Officer for four years and looked after all aspects of the REA Group’s finance portfolio including strategy, M&A and operations, as well as REA’s Financial Services businesses.
Mr. Wilson joined REA Group from Chandler MacLeod Group Ltd where he was Chief Financial Officer and Company Secretary. He has previously held positions with ANZ and KPMG across Australia, Asia and the UK. Mr. Wilson holds a Bachelor of Commerce in Accounting and Computer Science from Deakin University.
About PropertyGuru Group
PropertyGuru Group is Southeast Asia’s leading property technology company1, and the preferred destination for over 50 million property seekers to find their dream home, every month. PropertyGuru and its group companies empower property seekers with more than 2.8 million real estate listings, in-depth insights, and solutions that enable them to make confident property decisions across Singapore, Malaysia, Thailand, Indonesia, and Vietnam.
PropertyGuru.com.sg was launched in 2007 and has helped to drive the Singapore property market online and has made property search transparent for the property seeker. Over the decade, the Group has grown into a high-growth technology company with a robust portfolio of leading property portals across its core markets company; award-winning mobile apps; a high quality developer sales enablement platform, FastKey; mortgage marketplace PropertyGuru Finance; and a host of other property offerings including Awards, events and publications across Asia.
What is the significance of Owen Wilson's appointment to PropertyGuru's Board?
Owen Wilson's appointment as a Non-Independent Director is significant as it brings extensive executive experience and strategic insight, particularly in digital transformations in the real estate sector.
How much is REA Group investing in PropertyGuru?
REA Group plans to invest $32 million as part of a $132 million PIPE for the business combination with Bridgetown 2 Holdings Limited (NASDAQ: BTNB).
What is the expected impact of REA Group's investment on PropertyGuru?
REA Group's investment is expected to strengthen PropertyGuru's growth strategy and enhance its position in the competitive Southeast Asian PropTech market.
When did REA Group acquire an equity interest in PropertyGuru?
REA Group acquired an 18% equity interest in PropertyGuru as part of a transaction completed on August 3, 2021.
