Jumia sells North Africa real estate marketplace to EMPG
In an effort to focus on its core operations, Jumia Technologies AG has announced the sale of Jumia House to Mubawab, an affiliate of emerging market property group (EMPG).
Jumia House is its real estate portal in Morocco, Tunisia and Algeria.
The Pan-African e-commerce platform said that the transaction would allow it to focus on the core marketplace of physical goods and digital services, while expanding the reach of our payment operations, JumiaPay, and logistics business, logistics.
Jumia House has a strong market position 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.
“We have strong belief in the potential of real estate portals in Africa and have built compelling platforms 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.
“This transaction allows us to focus on the core marketplace of physical goods and digital services, while expanding the reach of our payment operations, JumiaPay, and logistics business, Jumia logistics”.
Kevin Gormand, co-founder and general manager noted that, “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, maximizing consumers reach and clients exposure whilst delivering personalised and local support to our customers”.
This operations follow significant recent events for both companies. Jumia has recently concluded its initial public offering offer on the New York Stock Exchange in April.
Read Also: FG Adhoc policies to heighten uncertainty, toughen business climate
Also, EMPG”s recent series D $100 million funding round which aimed at supporting its continued growth, including its expansion in the Maghreb region.
Jumia sells North Africa real estate marketplace to EMPG
