REA quitting European property portals
Staff ReporterDecember 7, 2020
REA Group has agreed to sell its European businesses for $189.7 million to the UK's Oakley Capital Private Equity.
The digital real estate advertising company, which owns Australia's realestate.com.au website, will sell atHome Group S.a r.l. and REA Italia S.r.l. which operate in Luxembourg, France, Germany and Italy.
REA Group said the sale will yield a profit of $168 million.
The announcement said it will allow the company to sharpen its focus in key growth markets in Australia, Asia and North America.
Oakley Capital has digital interests and a geographic focus in Italy, including Facile.it, a Milan-based price comparison website.