Australia’s largest online real estate website, realestate.com.au, continues its international expansion into Italy. Its shares rose 7.4 per cent on news that it would acquire 90 per cent of Italy's leading real estate website, casa.it. The deal will be joint with News Corp's pay television operator Sky Italia. Under the terms of the deal, realestate.com.au will own 59.4 per cent of Italy's largest real estate site, while Sky Italia will own 30.6 per cent. The founder of casa.it will retain 10 per cent of the business.
Realestate.com.au already operates in Australia, New Zealand and Britain and managing director Simon Baker said it would look for further opportunities in North America, Asia and Europe. Realestate.com.au is 54 per cent owned by News Corp's Australian arm, News Ltd. In July, its British subsidiary propertyfinder.com acquired the London Property News publishing group from News International for $A 3.1 million.
TheAge.com.au
November 7, 2006
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