Up to 200 residential agents will receive a Christmas windfall with the announcement this morning of the £48m sale of Primelocation, the residential web site to the Daily Mail.
The portal was set up by 50 leading estate agents including Knight Frank and Savills and was launched in January 2001.
Savills, which owns 14% of the business, is expected to net around £6.7m.
The agent shareholders accepting the offer from DMGT will be committing to continue listing with Primelocation for the next three years.
All estate agents will now be able to list properties on the website on a non-exclusive basis.
Agent shareholders accepting the offer have been told that listing fee increases are to be capped to a maximum of 20% pa for the three-year period.
Agent shareholders and holders of more than 75% of the shares have already committed to accept the offer.
References: EGi News 08/12/05
