- CoStar Group, Inc. (NASDAQ: CSGP) announced it is buying BureauxLocaux. These are the details.
CoStar Group, Inc. (NASDAQ: CSGP) — a leading provider of commercial real estate information, analytics and online marketplaces — announced that it has acquired COMREAL INFO, the owner and operator of BureauxLocaux.com. Based in Paris, BureauxLocaux is known as one of the largest specialized property portals for buying and leasing commercial real estate in France with over 60,000 for sale and lease listings and over 425,000 visits to its website each month.
Launched in 2008, BureauxLocaux is known for offering a subscription-based commercial property listing platform with a client base that includes over 90% of France’s top commercial property brokers. And traffic to the company’s website, BureauxLocaux.com has grown by over 30% on a compounded annual basis since the beginning of 2018.
CoStar Group is known as being a world leader in operating digital commercial property marketplaces with approximately 90 million unique visitors per month across its network of websites in the United States and Europe. And CoStar Group’s marketplaces generate annualized revenue of almost $1 billion and include Apartments.com and LoopNet.com in the United States, Realla.co.uk in the United Kingdom, and Belbex.com in Spain. Over the past decade, CoStar Group also invested billions of dollars building its leading online property marketplaces, generating hundreds of millions of leads that resulted in millions of successful commercial property transactions.
KEY QUOTES:
“The acquisition of BureauxLocaux is an important step in continuing our international expansion. France is one of Europe’s largest commercial property markets with an estimated €40 billion in annual investment transaction value. BureauxLocaux has built a leading commercial property-specific listings platform with national coverage, great brand recognition, and an excellent reputation among its clients.”
“We are excited to welcome the BureauxLocaux team to the CoStar family. This is an attractive acquisition that is highly complementary alongside our other European marketplaces, Belbex and Realla.”
— Andrew C. Florance, Founder and Chief Executive Officer of CoStar Group
“We are excited to become part of CoStar Group. The commercial property vertical deserves a high-quality sector-specific online marketplace to better serve brokers and owners. Supported by the extensive resources and know-how of CoStar Group, we believe we can accelerate BureauxLocaux’s growth and strengthen its market position in France.”
— Sophie Desmazières, BureauxLocaux’s Founder
