CoStar Group Buys UK-Based Commercial Property Portal
Launched in the summer of 2016, Realla is a free-to-list search engine for commercial property. It displays the largest public index of available commercial real estate in the UK.
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LONDON—Commercial real estate information provider CoStar Group has acquired Realla, the United Kingdom’s largest public commercial property portal.
Launched in the summer of 2016, Realla is a free-to-list search engine for commercial property. It displays the largest public index of available commercial real estate in the UK. Realla also offers a software product, called Realbase, which provides a dedicated, all-in-one commercial property marketing & data management platform for agents and landlords.
No financial terms of the transaction were reported.
CoStar Group’s websites attracted an average of approximately 40 million unique monthly visitors in aggregate in the second quarter of 2018. CoStar maintains more than 100 offices throughout the US and in Europe and Canada with a staff of more than 3,800 worldwide.
Company officials say the acquisition is strategic for CoStar. Not only has Realla been successful at creating the UK’s largest commercial property-specific listings platform, with good brand recognition and excellent traffic, it has also developed a wealth of expertise in capturing listings data in other European markets, which fits well with CoStar’s pan European expansion strategy, Washington, DC-based Co-Star Group says in an announcement released today.
“Across the world, marketing commercial properties is moving to digital marketplaces, away from wood-based products like magazines, flyers, and boards” says Andrew C. Florance, CoStar Group founder and CEO. “Realla is the UK’s most comprehensive commercial property digital marketplace—and when combined with the CoStar information solution it is expected to offer the best of tools for marketing properties, valuations and facilitating transactions.”
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