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KordaMentha invests in BuyMyPlace ahead of listing

BuyMyPlace has signed a subscription agreement with KordaMentha Investments, the investment vehicle for KordaMentha and its leading boutique corporate advisory firm 333 Capital, ahead of the launch of its prospectus and forthcoming IPO.

Insights KordaMentha invests in BuyMyPlace ahead of listing
Tuesday, 12 January 2016

The subscription agreement is effective from 11 December 2015 and will enable BuyMyPlace.com.au to utilise the strong capability and experience of KordaMentha and 333 Capital as BuyMyPlace CEO Paul Heath explains: “Many people know KordaMentha as Australia’s largest restructuring firm. However, the restructuring practice now represents less than half of firm revenue, with the remainder generated by significant business units in technology, data analytics, real estate and their corporate advisory business, 333 Capital.

“We are excited to be able to tap into these synergies between our companies and to take advantage of the wealth of knowledge KordaMentha Investments will be able to share with BuyMyPlace when it comes to future technology, real estate opportunities, possible investments and any potential future acquisitions for our business.”

After undertaking due diligence, KordaMentha concluded BuyMyPlace was a company well positioned to provide disruption to the traditional real estate agent model, as KordaMentha co-founder Mark Korda explains: “Commission-free real estate sales platforms are already popular overseas with significant penetration in comparable markets (such as Canada, where commission-free sales represent around 20% of the total market, compared to less than 2% in Australia).

“BuyMyPlace is registered in every state in Australia, and is already generating vendor savings of between $15,000 and $19,000 on average (based on an average property value of around $600,000). KordaMentha Investments believes this is an attractive investment opportunity, with the residential real estate market representing over $6 trillion in value (three times the value of superannuation in Australia).  

“We have made many successful investments in the past and in each we have focused on the value we can add as an active shareholder. BuyMyPlace is no exception. We believe there is significant value we can add through our real estate and technology teams, through 333’s corporate advisory and capital markets expertise and through our general support and infrastructure”.