One of Europe's largest media companies Axel Springer has invested in Luxembourg property portal Immotop.lu.
Immoweb, a company of Axel Springer Digital Classifieds, and Real Web, the parent company of Immobiliare.it, have acquired 70% of the shares in Real Estate Media, which operates Immotop.lu.
The remaining shares are held by the founders Serge and and Alex Uschkaloff.
"We always wanted to enter the attractive Luxembourg market. Immotop.lu offers us the opportunity to satisfy audiences from both Belgium and Luxembourg with our cumulative real estate offer," said Christophe Rousseaux, Executive Vice President, Immoweb.
The portal has more than 450 customers, 25,000 listings and 130,000 visitors per month.
The new shareholders said they plan to support the management with their expertise in real estate classifieds as well as with financial investments.
(By Hannah Brenton, email@example.com, +352 4993 728)