ZPG to sell Hometrack Australia for AUD130m

PrimeLocation and Zoopla owner ZPG has agreed to sell Hometrack Australia to REA Group for AUD130m (£71m) in cash.

Founder and chief executive officer Alex Chesterman said: "ZPG acquired Hometrack Australia as part of our acquisition of the wider Hometrack business in the UK last year and we have always been clear that our core markets are the UK and Europe.

"We believe that REA Group, as a local operator, would be a more natural owner of the Hometrack Australia business."

Hometrack is a provider of automated property valuations and statistical property market insights.

At 0905 BST, the shares were up 1.1% to 363p.