Patrick Grove's Catcha Group selling iProperty stake

iProperty Group founder Catcha Group was seeking to sell one-quarter of its stake in the Asian real estate business on Wednesday night.

The 25% stake is worth around $27 million.

The Australian Financial Review's Street Talk column said broker Morgans was looking to place 10 million iProperty Group shares after the market closed, calling for bids at $2.70 to $2.75 a share.

The block represented about 5% of iProperty’s shares on issue. iProperty shares had closed up 13% to $2.82 in Wednesday trade.

Catcha Group chief executive Patrick Grove, a BRW Young Rich lister, runs online businesses valued at around $US1 billion, some of which are listed on the Australian Stock Exchange.

Real estate portal iProperty Group owns online property websites across Asia. When it debuted on the ASX in September 2007, the iProperty company had a market value of $25 million. 

Earlier this year Mark Britt, the former chief executive of Nine Entertainment’s Mi9 joined the subscription video-on-demand and internet television division of Patrick Grove’s Catcha Group.

Catcha’s decision came soon after iProperty bought the Hong Kong real estate business Squarefoot from major shareholder REA Group. The scrip-based deal valued Squarefoot at $15 million.