ANZ has announced a strategic investment in View Media Group (VMG), an Australian property media and technology company. The bank will invest $50 million for a minority shareholding and plans to collaborate with VMG on establishing an exclusive financial services partnership for key products.
VMG's business portfolio includes consumer and business property solutions, such as a residential listing portal, real estate marketing agencies, and property-technology businesses. Notable brands within VMG include realestateview, propic, and beevo.
According to ANZ, "this investment will help enable our existing strategy to establish a suite of services in the homeowner space that make it easier to buy, own or rent a property." The bank aims to partner with service providers like real estate agents and utility operators.
As part of the deal, ANZ will also secure a seat on VMG’s board.