SYDNEY (XFN-ASIA) - Online real estate advertising group Realestate.com.au Ltd said it has partnered with News Corp's SKY Italia, the Italian pay TV operator, to acquire 90 pct of Casa.it for 9.6 mln eur.
Founded in 1996, Casa.it is Italy's largest real estate website headquartered in the Northern Italian city of Treviso.
Following the transaction, Realestate.com.au will own 59.4 pct, SKY Italia will hold 30.6 pct and Casa.it's founder and current chief executive will retain 10 pct and his current role.
Realeastate.com.au chief executive Simon Baker said that although Casa.it is currently a small business, it is profitable and the market leader in a country with 60 mln people, around 20,000 estate agent offices, high rates of home ownership, and strong broadband penetration.
'We believe that Italy is an emerging country for online real estate advertising and Casa.it is best placed to capture much of the growth in the market,' he said.
Realestate.com.au currently operates seven commercial or residential real estate websites in Australia, the UK, Italy and New Zealand.
(1 usd = 0.77 euro)
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© 2006 AFX News
