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Nicholson Ryan acts for PropTech Group on its successful $10.6 million capital raising and ASX listing

Ian Christiansen

10 December 2020

Nicholson Ryan Lawyers has advised PropTech Group Limited (ASX:PTG) (PTG), formerly Real Estate Investar Group Limited (ASX:REV), on its recent successful $10.6 million capital raising and re-compliance listing on the Australian Securities Exchange (ASX).

The firm also acted for PTG in relation to its acquisition of Real Estate CRM Pty Ltd (RECRM), which had previously acquired each of:

  • Commerce Australia Pty Ltd (trading as MyDesktop) from Domain Holdings Australia Limited (ASX:DHG) (Domain); and
  • Vault Group Pty Ltd (Vault).

MyDesktop is the leading sales customer relationship management (CRM) software for Australian and New Zealand real estate agents. It is used by approximately 30% of the market and is a clear market leader. Vault, established by the original founders of MyDesktop, is a leading provider of the next generation of sales CRM, property management and commercial real estate software for Australian and New Zealand real estate agents.

The combination of MyDesktop and Vault, in conjunction with PTG’s existing online property investment platform, will transform PTG into a profitable growth PropTech company, one that is well positioned to explore additional acquisition and investment opportunities.

The Nicholson Ryan team was led by Lee Mitchell (Director), who was supported by Veroshan Sripragasan (Senior Associate) and Tom Walsh (Graduate).

PropTech Group Managing Director Joe Hanna commented “Nicholson Ryan were instrumental throughout the entire journey; from the initial negotiations and acquisition of MyDesktop from Domain, through to navigating the complexities of a unique ASX re compliance listing and associated capital raising.”

Lee Mitchell said “We are delighted to have assisted PropTech Group in achieving such a transformative milestone. It is fantastic to see such strong support for an innovative PropTech business joining the ASX boards and a privilege to have steered PropTech Group through the acquisition, capital raising and re-compliance process. The capital raising received a strong response from investors and was well oversubscribed.  We wish PropTech Group well in pursuing its exciting growth strategy.”

Ord Minnett acted as lead manager to the Offer. Taylor Collison acted as co-manager.

Nicholson Ryan’s Corporate Advisory team has extensive capital markets experience.  We have acted on a number of IPOs and secondary offerings and regularly provide corporate and transaction advice to a number of leading ASX-listed clients.

For further information, please contact:

Ian Christiansen, Practice Manager

(03) 9640 0400 or ianc@nrlawyers.com.au