Daily Mail owner buys property website

A property website which attracts 850,000 visitors a month was today set to be bought by the owner of the Daily Mail for £48m (€71m).

The offer for Primelocation.com, which advertises 200,000 residential and commercial properties in the UK and abroad, has been backed by three-quarters of shareholders of the website’s parent company.

Daily Mail & General Trust said the deal was part of its strategy to boost its position in “key areas” of the online advertising market. The offer comes just days after rival Trinity Mirror bought the Friends Reunited website for £120m (€177m).

Primelocation was launched in 2001 with an £11m (€16.2m) investment from a consortium of around 200 estate agents. They included Hamptons and Savills.