Takeover adds arm to Propex

Propex, the property investment exchange, is continuing its expansion with the aquisition of retailing database and client management system, PrimePA.

Three directors of retail agency Gooch Cunliffe Whale, who set up the system six years ago, are taking a 7% share stake in Propex - currently valued at around £5m - as payment.

PrimePA, which is used by 27 retailers and retail agencies and has a lowest entry cost pa of £3,000, is a shop data, contact and client management system.

Keith Whale, a director of Gooch Cunliffe Whale, said: "We've sold PrimePA because it needs a major push in terms of sales, and that's better for an expert to do than us."

Last March, Propex bought Shopproperty.com, a free databse of around 2,000 shops available for letting.

Propex directors Colin Barber and Paul Marples said that there were synergies between the two products.