OTMP.L Share News (OTMP)

(Clarifying that OnTheMarket already has listed in London, with its IPO taking place in February.)

LONDON (Alliance News) - Hunters Property Group PLC said Tuesday that it will now advertise its UK residential sales and lettings properties through online property portal OnTheMarket PLC after signing a long-term agreement.

The agreement between Hunters - which has a network of 200 owned and franchised branches - and OnTheMarket was originally proposed in December 2017 but was conditional on the website firm listing on AIM.

In mid February, OnTheMarket raised GBP30.0 million after placing 18.2 million shares at 165 pence each. The initial public offering valued the firm at GBP100.0 million in market capitalisation.

Under the deal, Hunters also agreed to "actively promote" OnTheMarket through digital and branch-based advertising.

The Hunters deal follows a number of other agreements signed by OnTheMarket since listing. In late February, 50-branch Chancellors Group of Estate Agents Ltd agreed to list its properties though OnTheMarket as well as promote the site. This followed 100-branch Arun Estates signing a similar deal earlier in the month.