Daily Mail buys property website

Daily Mail is starting to focus on the online advertising market

Publisher Daily Mail & General Trust has bought Fastcrop, the owner of property website Primelocation.com, for £48m ($83m).

The website advertises 200,000 residential and commercial properties in the UK and abroad and attracts 850,000 visitors each month.

Daily Mail said the deal was part of its drive to boost its positions in key areas of the online advertising market.

Rivals such as Rupert Murdoch's News International have made similar moves.

Last month, News International bought UK classified advertising website Propertyfinder.com for £14.3m.

Daily Mirror owner Trinity Mirror already owns worktthing.com operator Hotgroup as well as Financial Jobs Online, while broadcaster ITV bought Friends Reunited this week for £120m.

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Daily Mail & General Trust, which owns the Daily Mail and Mail on Sunday, recently said it was considering the sale of its regional newspaper business Northcliffe.

Regional papers have seen advertising revenues fall because of the growth of the internet and advertising websites. Daily Mail already owns jobs website Zambeasy.

Daily Mail said Fastcrop, whose main business is primelocation.com, had recommended the offer to its shareholders.

Primelocation was launched in 2001 with an £11m investment from a consortium of about 200 estate agents, including Hamptons and Savills.