Auction-com is gearing up to launch its first online auction in Germany in December this year, Eric Paulsen, Co-chief executive officer, told PropertyEU at Expo Real on Tuesday.
Auction-com is gearing up to launch its first online auction in Germany in December this year, Eric Paulsen, Co-chief executive officer, told PropertyEU at Expo Real on Tuesday.
The debut auction of the US online real estate marketplace will take place on 5 December and will involve the sale of 40 retail and office properties valued at some EUR 75 mln.
'The launch of our offering in Germany is a major step forward in our plans for global expansion and the future of our company,' said fellow-CEO Ken Rivkin. The company has chosen Germany as its first market outside the US because it sees 'clear demand' for 'a fully transparent but simple and cost-effective' sales process, he added. 'The sales process guarantees buyer and seller anonymity and provides real-time market pricing in an accelerated and certain timeframe.'
The properties being auctioned on the German website are typically owned by major financial institutions, real estate investment funds or local owners, Paulsen said. The first auction will include only commercial real estate assets, but he expects subsequent auctions will also include loans and bidding guarantees. The company also has plans to expand in the UK and Spain, he added. 'Our goal is to take the platform where the demand is.'
Founded in 1990, Auction.com launched its online platform in 2007. Since then, it has auctioned over $16 bn (EUR 12.4 bn) of property assets for its clients.
