Industry News

Australia’s Realestate.com.au buys Italian Web site

Casa.it joins growing list of company's property sites

The REA Group, which owns top Australian real estate Web site realestate.com.au, has partnered with News Corp.'s SKY Italia to acquire 90 percent of Italy's largest real estate site, Casa.it, for 9.6 million euro. (1 usd = .78 euro) Founded in 1996, Casa.it has operations in Treviso, Northern Italy, and call center operations in Bucharest, Romania. The site is considered Italy's largest real estate site with more than 2,800 agent subscribers and 130,000 homes advertised for sale or for rent. Following the transaction, Realestate.com.au Ltd. will own 59.4 percent; SKY Italia, the Italian pay TV operator, will own 30.6 percent; and Casa.it's founder and current CEO will retain 10 percent, the company said. Simon Baker, chief executive officer of Realestate.com.au, said, "Casa.it is profitable and the market leader in a country with 60 million people, around 20,000 estate agent offices, high rates of home ownership, and strong broadband penetration." Baker said the company plans to...

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