By a staff reporter
Fairfax Media Ltd has bought property data and mapping provider, Property Data Solutions Pty Ltd, for cash consideration of approximately $30 million.
In a statement to the Australian Securities Exchange, Fairfax said the acquisition will be combined with its existing property data business, Australian Property Monitors, and will be called APM PriceFinder.
PDS provides property data research subscriptions to real estate agents, developers, investors and interested corporations and its chief executive officer Tom White will head the combined group.
Fairfax said PDS's strong presence in Queensland and Western Australia will complement APM's subscriber base, which is mainly in New South Wales and Victoria.
Fairfax CEO Greg Hywood said PDS would join Fairfax as part of its Domain Group run by Antony Catalano.
"This acquisition is consistent with our strategy to invest in Domain, where we continue to see significant growth potential," Mr Hywood said.