GMG launched in 2006. The site focuses primarily on delivering leads to UK estate agents.
Under the deal, Zoopla.co.uk will take over and integrate the Thinkproperty.com brand and website, benefiting from its current traffic of over 200,000 unique users per month, along with becoming the exclusive property search partner on the Guardian.co.uk website.
Alex Chesterman, founder and chief executive of Zoopla.co.uk, said: "We plan to continue to grow our traffic organically and look at possible further acquisitions as part of our commitment to become the most efficient marketing partner for UK estate agents."
Zoopla.co.uk, which launched last year, offers users free access to instant value estimates, sold house prices and local information and trends.
It also links users with local estate agents and other property professionals to assist them in the transaction process.
Mark Goddard, managing director of GMG Property Services, said: "Zoopla.co.uk has made impressive progress in a crowded marketplace and their success in engaging with the UK property consumer via a differentiated experience reinforces the belief that the UK portal market is still able to be disrupted.
"The acquisition of Thinkproperty.com by continues to build on what is becoming a very compelling proposition for the UK estate agent and I wish Alex and his team well."
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