German Media Group further investment in to Purplebricks
Recent news story states that Axel Springer, the German media group, have furthered their investment stake in to the online estate agency concept of Purplebricks. The double equity stake was recently made with thoughts now that this move could see a new bid coming in for the PLC that has divided many within the UK property industry.
Axel Springer is now said to have a share amount of over 26% following purchasing equity from both founders share chest (Michael and Kenny Bruce).
Many of the online estate agencies / hybrid estate agents are suffering with regards to share value, PurpleBricks were over £3.75 a share last year compared to floating around the £1 today.
A more detailed report on PurpleBrick’s new share sale can be read on the Financial Times website.