8th June 2017
Hamlins advising on an industry changing Proptech deal between GPEA and easyProperty
Hamlins is advising on the merger between their longstanding client; GPEA (the parent company of the Guild of Property Professionals and Fine & Country) and online estate agent easyProperty (part of the “easy” family of brands owned by Sir Stelios Haji-loannou).
The deal is expected to complete at the end of June. The deal will enable e-Prop Services Plc to provide sales and letting solutions at three distinct market levels;
- the upper quartile of the residential market – via Fine & Country which has 300 outlets worldwide in 16 countries;
- the mid-market through independent estate agents’ own brand; and
- the e-volume/online market via easyProperty’s fixed price sales and letting model.
Alongside their traditional commission model, member estate agents will have the opportunity to access the fixed price model through a monthly brand and technology licence.
The deal, which also involved a renegotiation of the existing licence arrangements with easyGroup, is being led by Daniel Bellau, Head of Corporate, and Matthew Pryke, Commercial Technology Partner at Hamlins, assisted by Associates Richard Pull and Alexandra Cooke. K&L Gates is currently advising easyProperty.
Jon Cooke, the new CEO of e-Prop Services Plc, comments:
“The merger is a game changer for the UK residential property market. Hamlins’ legal, commercial and branding expertise and understanding of the property and digital industry has ensured this significant transaction has been carried out seamlessly to a very short timetable.”
Daniel Bellau, Head of Corporate at Hamlins LLP, comments:
“This is a very exciting development for the Proptech market. The Hamlins team is looking forward to advising e-Prop Services Plc as it continues to go from strength to strength in the real estate agency marketplace.”