CoStar Group Acquires Business Immo, One of France’s Leading Commercial Real Estate Information Services
WASHINGTON–(BUSINESS WIRE)–CoStar Group, Inc. (NASDAQ: CSGP), a leading provider of online real estate marketplaces, information and analysis for the commercial and residential real estate markets, announced today today the acquisition of the first information service on commercial real estate in France, Business Immo.
Business Immo was founded in 2004 and has grown rapidly as an online property information source with national coverage of the French commercial property market. Today, Business Immo is widely recognized as one of the leading providers of digital commercial property information in France, attracting over 300,000 unique visitors each month, including brokers, investors, developers and lenders. Business Immo is known for its hard-hitting online news and print magazines and has expanded its product portfolio to include training, education and industry conferences. The publication has over 2,000 business subscribers and 100,000 social media followers.
The acquisition of Business Immo is a significant addition to the CoStar Group’s growing global press team, which provides daily coverage in the US, Canada, UK, Germany and via Hotel News Now, CoStar’s international hospitality industry information service. With over 235,000 subscribers and 19,000 articles published in 2021, CoStar news is one of the largest national and international real estate news networks in the world. CoStar journalists recently received eight awards, including three gold medals, from the National Association of Real Estate Editors, the largest real estate journalism organization in the United States.
“The acquisition of Business Immo adds another high-quality asset to our growing international presence,” said Andrew C. Florance, Founder and Managing Director of CoStar Group. “We are actively developing our news, information and marketplaces in Europe and France is one of the largest real estate markets in the world with an estimated annual investment transaction value of €40 billion. There is a close intersection of commercial real estate news and information and this connection is very important to the CoStar Group as the value of our news brings people to the platform. Business Immo provides exceptional independent information services and enjoys an excellent reputation among real estate brokers, landlords, lenders and others. We look forward to welcoming the Business Immo team to the CoStar Group, including its highly respected management team who will continue to lead the business.
“By joining the CoStar Group, Business Immo is entering a new stage in its development,” said Sandra Roumi, Deputy Chairman of Business Immo. “Our strategy based on commercial real estate news, events and education is a perfect fit with the CoStar Group, and together we will continue to grow our business with a focus on the best information technologies.”
To find out more about Business Immo, go to BusinessImmo.com.
About CoStar Group, Inc.
CoStar Group, Inc. (NASDAQ: CSGP) is a leading provider of online real estate marketplaces, information and analytics. Founded in 1987, CoStar conducts extensive and ongoing research to produce and maintain the largest and most comprehensive database of commercial real estate information. Our suite of online services allows clients to analyze, interpret and gain unparalleled insight into commercial property values, market conditions and current availability. STR provides premium benchmarking data, analysis and market intelligence for the global hospitality industry. Ten-X provides a leading platform for conducting online auctions and negotiated offers for commercial real estate. LoopNet is the busiest online marketplace for commercial real estate. Apartments.com, ApartmentFinder.com, ForRent.com, ApartmentHomeLiving.com, Westside Rentals, AFTER55.com, CorporateHousing.com, ForRentUniversity.com and Apartamentos.com form the premier online apartment resource for renters looking for superb apartments and provide property managers and owners with a proven platform for marketing their properties. Homesnap is a leading online and mobile software platform that provides user-friendly applications to optimize residential real estate agent workflow and strengthen the agent-client relationship. Homes.com provides residential property advertising and marketing services to real estate professionals. Realla is the UK’s most comprehensive digital commercial property marketplace. BureauxLocaux is one of the largest real estate portals specializing in the purchase and rental of business real estate in France. CoStar Group websites attract tens of millions of unique visitors each month. Based in Washington, DC, CoStar Group has offices in the United States, Europe, Canada and Asia. From time to time, we plan to use our corporate website, www.costargroup.com, as a distribution channel for important company information. For more information, visit www.costargroup.com.
This press release contains “forward-looking statements”, including, without limitation, statements regarding the CoStar Group’s expectations, beliefs, intentions or strategies regarding the future. These statements are based on current beliefs and are subject to numerous risks and uncertainties that could cause actual results to differ materially from these statements, including the risk that Business Immo may not be able to maintain or strengthen its market position in France; the risk that the businesses of Business Immo and CoStar Group will not be combined successfully or in a timely and profitable manner; the risk that the combination and integration of Business Immo will disrupt the operations of the CoStar Group or result in the loss of customers or key employees; the risk that the acquisition of Business Immo may not produce the expected benefits or results for CoStar or Business Immo or their customers, including expanding the coverage and reach of their information services and growing their activities. Further information about potential factors that could cause actual results to differ materially from those anticipated in the forward-looking statements includes, but is not limited to, those set forth in documents filed by the CoStar Group from time to time with the Securities and Exchange Commission, including in CoStar’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, which is filed with the SEC, including in the “Risk Factors” sections of this filing, as well as CoStar’s other filings with the SEC available on the SEC’s website (www.sec.gov). All forward-looking statements are based upon information available to CoStar Group as of the date hereof, and CoStar Group undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.