This article is from the Australian Property Journal archive
REA Group has increased stake in Italian real estate portal, casa.it, to 70%.
REA Group has acquired an additional 10% of casa.it for $2.44 million from its founder, Antonio Fregnan. The remaining 30.6% of casa.it is owned by SKY Italia.
REA Group’s chief executive Simon Baker said since the group bought the controlling stake in casa.it in February 2007, the business has performed very well and continues to lead all other real estate portals in the country in terms of revenue, paying agents and unique visitors.
“While casa.it is still in its early stages of growth, especially when compared with realestate.com.au, we are excited about its long term prospects in the Italian market,” he added.
According to REA Group, more than 8,200 agents were using casa.it in April 2008 and the business generated $2.3 million in revenue in the half year ending December 2007, its first complete half year on the REA Group’s books.
Australian Property Journal
