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Wednesday, February 28, 2024

DomaCom considers potential acquisition of Bricklet after securing mortgage funds and personal placement

ASX-listed DomaCom Restricted have introduced that it has entered an settlement with property co-ownership market operator Bricklet to supply a $3 million mortgage along with an settlement to take a position $1 million into DomaCom via a non-public placement, completion of which is topic Bricklet being glad with its due diligence investigations on DomaCom, with due diligence to be accomplished by 2 February 2024.

The capital injection will likely be directed in the direction of the total compensation of the $2,450,000 at present resulting from current convertible noteholders on 1 February 2024.

As well as, Domacom is contemplating the potential acquisition of Bricklet and has entered a time period sheet with Bricklet to hold out due diligence as a part of the method of negotiating a possible acquisition by DomaCom.

Potential strategic acquisition primarily based on shared targets

The potential combining of the 2 companies would intention to enhance the product choices obtainable to buyers via fractional property investing. The shared aim of permitting buyers to achieve publicity to bigger inaccessible asset would intention to drive the enterprise ahead. The flexibility to share sources, experience, information and distribution networks can be more likely to convey important advantages to DomaCom’s stakeholders and would intention to assist to safe their place because the market chief in Fractional Investing.

DomaCom CEO John Elkovich commented, “We’re excited by the synergistic advantages that could be realised by a mixed DomaCom/Bricklet enterprise. Each teams are captivated with making it simpler for buyers to genuinely diversify their asset portfolios. They each permit buyers entry to property investments beforehand solely obtainable to high-net-worth buyers, because of the facility of fractional investing platforms. Bringing the companies collectively will present the chance to convey to market a extra numerous product providing,”

Bricklet Chairman Giuseppe Porcelli mentioned, “Uniting our strengths, DomaCom and Bricklet embark on a transformative journey, unlocking new horizons in fractional property investing. This strategic acquisition displays our shared dedication to empower buyers with entry to beforehand inaccessible property.

“Collectively, we is not going to solely increase product choices but additionally create a synergy that enhances our collective impression. By becoming a member of forces, we convey forth a diversified product vary, breaking limitations for buyers and reinforcing our place as leaders within the Fractional Investing panorama.”

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