CoStar Group Acquires BureauxLocaux, a Leading Commercial Property Digital Marketplace in France
WASHINGTON -- CoStar Group, Inc. (NASDAQ: CSGP), a leading provider of commercial real estate information, analytics and online marketplaces, announced today that it has acquired COMREAL INFO, the owner and operator of BureauxLocaux.com.
Based in Paris, BureauxLocaux is 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 provides a subscription-based commercial property listing platform with a client base that includes over 90% of France’s top commercial property brokers. 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 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. 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 has 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.
“The acquisition of BureauxLocaux is an important step in continuing our international expansion,” said Andrew C. Florance, Founder and Chief Executive Officer of CoStar Group. “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,” continued Florance. “This is an attractive acquisition that is highly complementary alongside our other European marketplaces, Belbex and Realla.”
Sophie Desmazières, BureauxLocaux’s Founder, added, “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.”
Investor Relations:
Bill Warmington
Vice President
CoStar Group Investor Relations
(202) 346-5661
wwarmington@costar.com
News Media:
Matthew Blocher
Vice President
CoStar Group Corporate Marketing & Communications
(202) 346-6775
Mblocher@costargroup.com
About CoStar Group
CoStar Group, Inc. (NASDAQ: CSGP) a leading provider of commercial real estate information, analytics and online marketplaces. Founded in 1987, CoStar conducts expansive, ongoing research to produce and maintain the largest and most comprehensive database of commercial real estate information. Our suite of online services enables clients to analyze, interpret and gain unmatched insight on commercial property values, market conditions and current availabilities. STR provides premium data benchmarking, analytics and marketplace insights for the global hospitality sector. Ten-X provides a leading platform for conducting commercial real estate online auctions and negotiated bids. LoopNet is the most heavily trafficked commercial real estate marketplace online. Realla is the UK’s most comprehensive commercial property digital marketplace. 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 seeking great apartment homes and provide property managers and owners a proven platform for marketing their properties. Homesnap is an industry-leading online and mobile software platform that provides user-friendly applications to optimize residential real estate agent workflow and reinforce the agent-client relationship. Homes.com offers real estate professionals advertising and marketing services for residential properties. CoStar Group’s websites attract tens of millions of unique monthly visitors. Headquartered in Washington, DC, CoStar maintains offices throughout the U.S. and in Europe, Canada and Asia with a staff of approximately 4,900 worldwide, including the industry’s largest professional research organization. For more information, visit www.CoStarGroup.com.
This news release includes "forward-looking statements" including, without limitation, statements regarding CoStar's expectations, beliefs, intentions or strategies regarding the future. These statements are based upon current beliefs and are subject to many risks and uncertainties that could cause actual results to differ materially from these statements. The following factors, among others, could cause or contribute to such differences: the risk that BureauxLocaux is unable to accelerate its growth and strengthen its market position in France; the risk that the businesses of BureauxLocaux and CoStar Group may not be combined successfully or in a timely and cost-efficient manner; the risk that the combination and integration of BureauxLocaux will disrupt CoStar Group’s operations or result in the loss of customers or key employees; the risk that the BureauxLocaux acquisition does not produce the expected benefits or results for CoStar or BureauxLocaux or their customers; uncertainty surrounding the impact of the COVID-19 pandemic, including volatility in the international and U.S. economy, worker absenteeism or decreased productivity, quarantines or other travel or health-related restrictions; the length and severity of the COVID-19 pandemic; the pace of recovery following the COVID-19 pandemic; and government and private actions taken to control the spread of COVID-19. More information about potential factors that could cause results to differ materially from those anticipated in the forward-looking statements include, but are not limited to, those stated in CoStar Group’s filings from time to time with the Securities and Exchange Commission, including in CoStar Group’s Annual Report on Form 10-K for the year ended December 31, 2020 and Quarterly Reports on Form 10-Q for the quarters ended March 31, 2021 and June 30, 2021, each of which is filed with the SEC, including in the “Risk Factors” sections of those filings, as well as CoStar’s other filings with the SEC available at the SEC’s website (www.sec.gov). All forward-looking statements are based on information available to CoStar Group on the date hereof, and CoStar Group assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
