US real estate agent Re/Max has acquired Prelios' retail agency network as part of plans to grow in the Italian property market.
US real estate agent Re/Max has acquired Prelios' retail agency network as part of plans to grow in the Italian property market.
Denver-based Re/Max is taking over 100% of Prelios' La Casa network of 100 franchising agencies for a symbolic amount, according to well-informed market sources.
The transaction allows Prelios to exit the retail agency business in order to strengthen its services for institutional investors and professional operators, the Milan-based asset manager said in a statement.
Prelios has long been seeking a sale of the agencies, which in 2012 posted a loss of €3 mln.
For Re/Max, the acquisition is in line with its strategy to boost its presence through franchising agencies across Italy. Founded in 1973, the US group is the largest real estate franchising network worldwide, with over 6,200 affiliated agencies and nearly 93,000 real estate consultants in over 90 countries.
Re/Max entered the Italian market in 1996 and currently has a network of nearly 180 affiliated agencies nationwide and over 1,200 real estate consultants. 'Despite the crisis experienced by the sector, in the last few years Re/Max Italia, unlike other companies, has continued to grow,' said Dario Castiglia, chairman and CEO of Re/Max Italia.
'The real estate agency business dedicated to retail clients is highly specialised in Italy and not in line with an integrated platform of corporate services like Prelios,' added Andrea Boeri, CEO of Prelios Integra, the business unit grouping Prelios services in Italy.
