Tue, 25 Jun 2013 | DIVISION SALE
Property week, the magazine and website dedicated to real estate, faces being placed on the market according to the Sunday Times.
A sale of the business could bring in up to £20 million for its owner, United Business Media (UBM). The publishing and corporate events firm has told its employees that the disposal is being mulled, and may also include its Building Design and Travel Trade Gazette magazines.
The potential sale would be the latest in a string of disposals at UBM, which is honing in on its exhibitions and business data divisions.
UBM sold several titles including the Farmers Guardian last year to Briefing Media, a publisher backed by US buyout fund GCP, for £10 million.
Briefing Media may be first in line to bag Property Week, but will have rivals for the sale in Ocean Media Group, which owns the Inside Housing titles, and Metropolis, which publishes Record Collector and What Mortgage, possibly amongst others.
Property Week, which is thought to date back to the 1960s, was previously bought by former UBM boss, Lord Hollick, in 2003 as part of a £83 million deal.
The magazine for commercial property buyers has won a handful of awards over the years, including the recent Association of Online Publishers award for Business Website of the Year, and the LSL Property Press award for magazine of the year in 2012. It has about 40,000 readers a week of its print and online news.
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