Acquisition of Find a Property by ANL

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Wednesday 10 November 2004

Associated Newspapers, the national newspaper division of DMGT, announces the acquisition of Find a Property, the UK’s largest independent property website, as part of its continuing strategy to develop a powerful portfolio of digital media properties.

The total cost is estimated at £13.8 million, which includes an initial payment of £9.2 million to purchase the company and to repay an outstanding loan, with a further payment in 2007 dependent on the performance of the business over the next three years.

In its most recent financial results to May 2004, Find a Property generated revenues of £2 million, was profitable and, at that date, had net assets of £0.2 million.

Find a Property is one of the great UK digital success stories, commented Andy Hart, Managing Director, Associated New Ventures. “It is the largest independent company in its sector and extremely well-respected by estate agents and house hunters alike. This acquisition is very exciting for Associated and fits well with our strategy to build specialist vertical services which complement the group’s strengths. Property is a key market for our newspaper titles and we want to increase our presence in the digital sector. Find a Property is a perfect fit.”

Find a Property will become a fully owned subsidiary of Associated Newspapers and will continue to operate as a stand-alone operation. According to Hitwise, Find a Property is the third most visited property site in the UK.

The UK currently has 15,000 estate agent offices. The online property advertising market is currently estimated to be worth £20 million a year, with this figure rising to £80 million in four years time as more agents take up online as an effective advertising medium. Associated Newspapers has a strength in the UK classified advertising property sector through its newspaper titles; this acquisition significantly accelerates Associated’s share in the digital sector.

Enquiries to:

Nicholas Jennings, DMGT Company Secretary, 020 7938 6625

Andrew Hart, Managing Director, Associated New Ventures 020 7927 8416

Andrew Honnor, Tulchan Communications, 020 7353 4200