The group, which owns the Daily Mail, Mail on Sunday, London Evening Standard and Metro, is the latest in a string of media outlets to buy into the online classified advertising market.
Primelocation.com was launched in 2001 by a consortium of independent estate agents and now attracts more than 850,000 visitors per month.
The site advertises 200,000 properties, aimed primarily at the middle market, a similar audience to that of the Daily Mail and the Evening Standard.
The company also produces a monthly property magazine which is distributed to over 100,000 homes in London.
Andrew Hart, managing director of Associated New Ventures, DMGT's digital wing, said: "Primelocation is a prize asset for us, complementing our other established businesses.
"It is one of the leading UK property sites, in a highly competitive sector which is experiencing rapid growth."
The move comes just two days after ITV announced the acquisition of reunion website, Friends Reunited, for £120m.
Last month, Rupert Murdoch's News International bought Propertyfinder.com for £14.3m, while Trinity Mirror recently splashed out £50.5m for the classified advertising website Hotgroup.
_1.jpg)
.jpg)
