- CLOSED SALE OF 100% OF COMPANY “B4A”, CONTROLLING PRELIOS REAL ESTATE FRANCHISING, TO A LEADING GLOBAL GROUP IN THE SECTOR
- PRELIOS EXITS RETAIL AGENCY BUSINESS IN ORDER TO STRENGTHEN THE INSTITUTIONAL AGENCY ACTIVITY, IN LINE WITH THE COMPANY REPOSITIONING AS PURE ASSET MANAGEMENT PLAYER
Milan, 27 September 2013 – The Prelios Group informs that on today’s date the sale of 100% of the company Brand for Agency Services S.r.l. (“B4A”), controlling Prelios S.p.A. real estate franchising, to Proximm S.p.A., holding the RE/MAX brand real estate franchising in Italy on an exclusivity basis, has been closed.
By this transaction, Prelios definitely exits the agency business directly carried out for retail clients, while it continues to focus exclusively on the agency activity targeting institutional investors and professional operators, in line with the Company repositioning as pure asset management player and the strategy to focus on its core business. Therefore, Prelios will strengthen its institutional Agency team providing corporate services and professional consulting for the purchase and sale and the lease of assets in various market segments: from office to residential, from industrial to retail.
The acquisition made today, on the other hand, allows RE/MAX to further strengthen its presence through franchising agencies all over Italy. Founded in 1973 in Denver, RE/MAX Group is today the most widespread 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, under the lead of Dario Castiglia – the Company Chairman and CEO –, has soon become one of the leaders in the Italian real estate sector, also through innovative real estate consulting.
“We are very happy about the agreement reached in a very short time with RE/MAX, one of the most leading international operators, with which the retail network business has certainly more synergies with respect to our Group core business - declared Andrea Boeri, CEO of Prelios Integra, the business unit grouping Prelios services in Italy– “The real estate agency business dedicated to retail clients is highly specialized in Italy and not in line with an integrated platform of corporate services like Prelios." concluded Boeri.
“Despite the crisis experienced by the sector, in the last few years RE/MAX Italia, differently from other companies, has continued to grow and develop its network recording a 52% increase in consolidated revenues from 2007 until today. – comments Dario Castiglia, Chairman and CEO of RE/MAX Italia – The transaction closed today is a further step made by RE/MAX to seize the opportunities now offered by the market to invest in the future network. The acquisition of Prelios franchising network will provide RE/MAX Italia, which currently boasts a network of 2 nearly 180 affiliated agencies all over Italy and over 1,200 real estate consultants, with a larger local presence of affiliated members, and, above all, an increased real estate offering available to RE/MAX agency network and its clients”.