CoStar Group To Acquire 30% Stake In Italy's Wikicasa
(RTTNews) - CoStar Group, Inc. (CSGP), a provider of online real estate marketplaces, information and analytics, on Wednesday said it has agreed to acquire about a 30% stake in Wikicasa, an agent-backed real estate marketplace in Italy.
Financial terms of the transaction were not disclosed.
Wikicasa operates an agent-driven property platform featuring more than 600,000 listings, including over 100,000 commercial properties, and provides data and marketing tools for real estate professionals across Italy.
CoStar said the investment will combine Wikicasa's local market presence with its technology and global marketplace network. As part of the partnership, Wikicasa's commercial property listings are expected to gain broader international exposure through LoopNet, CoStar's commercial real estate marketplace.
The company also said the collaboration is expected to accelerate adoption of Matterport's 3D digital twin and artificial intelligence technologies among residential and commercial real estate agencies in Italy.
"We are delighted to have reached an agreement to invest alongside Italy's leading agents in Wikicasa. We've been impressed with what the shareholders and management team have achieved to date and believe there is a significant opportunity to create value by bringing our technology, global scale, and continued focus on innovation to the Italian property market," said Andy Florance, Founder and Chief Executive Officer of CoStar Group.
CoStar shares closed at $28.32 on Tuesday, down 3.41%.
