The pan-African e-commerce platform, Jumia, has sold its north-African real estate portal, Jumia House, to the Dubai-based Emerging Markets Property Group, Mubawab, at an undisclosed amount.
Jumia’s real estate assets include those in Morocco, Tunisia, and Algeria, the company said in a statement released a few days ago.
“We have a strong belief in the potential of real estate portals in Africa and have built a compelling platform across Morocco, Tunisia, and Algeria to address this opportunity. We are convinced that Mubawab will build on the success Jumia House has achieved in these markets so far”, said Sacha Poignonnec Co-Founder and Co-CEO of Jumia.
“This transaction allows us to focus on our core marketplace of physical goods and digital services, while expanding the reach of our payment operations, JumiaPay, and logistics business, Jumia Logistics.”
Jumia House Jumia House
Kevin Gormand, Co-Founder and General Manager of Mubawab noted: “We strongly believe in our capacity to offer real estate solutions to clients and end-users alike through a highly sophisticated technology product. We are excited to build on our recent success and experience in Morocco, to provide an expanded platform, maximising consumer’s reach and client exposure whilst delivering personalised and local support to our customers.”
Jumia House has strong market positions across the three countries in which it operates, and Mubawab is a leading real estate portal in Morocco.
EMPG owns and operates bespoke property verticals in emerging markets, primarily in the Middle East, North Africa and South Asia.
The transaction was expected to close yesterday, June 18, 2019, subject to the satisfaction of customary conditions.
Recently, Jumia listed on the New York Stock Exchange through an Initial Public Offering while EMPG raised Series D $100 million funding round to support company’s continued growth, including its expansion in the Maghreb region.