Dubai-based Emerging Markets Property Group (EMPG), Mubawab, has finalised the purchase of Jumia‘s North-African real estate portal, Jumia House.
The pan-African e-commerce platform sold the real estate portal for an undisclosed amount.
Nairametrics understands that Jumia’s real estate assets include those in Morocco, Tunisia, and Algeria.
While commenting on the development, Jumia’s Co-Founder and Co-CEO, Sacha Poignonnec said the following;
“We have a strong belief in the potential of real estate portals in Africa and have built a compelling platform across Morocco, Tunisia, and Algeria to address this opportunity. We are convinced that Mubawab will build on the success Jumia House has achieved in these markets so far.
“This transaction allows us to focus on our core marketplace of physical goods and digital services, while expanding the reach of our payment operations, JumiaPay, and logistics business, Jumia Logistics.”
On his part, the Co-Founder and General Manager of Mubawab, Kevin Gormand, said they are excited about the future ahead.
“We strongly believe in our capacity to offer real estate solutions to clients and end-users alike through a highly sophisticated technology product. We are excited to build on our recent success and experience in Morocco, to provide an expanded platform, maximising consumer’s reach and client exposure whilst delivering personalised and local support to our customers.”
About the Solution: Jumia House has strong market positions across the three countries in which it operates, and Mubawab is a leading real estate portal in Morocco.
What will interest you about EMPG: EMPG owns and operates bespoke property verticals in emerging markets, primarily in the Middle East, North Africa and South Asia.
The firm which owns a number of property portals (including UAE’s Bayut and Pakistan’s Zameen), has been on a shopping spree acquiring different smaller competitors across the Middle East and North Africa. Interestingly, all the acquisitions made by EMPG, except Mubawab, in the last one year are (were) Rocket Internet companies, including Lamudi in Bangladesh, UAE, Jordan & Saudi and now Jumia House.