CoStar Group Agrees to Acquire Ten-X Commercial, the Leading Digital Auction Platform for Commercial Real Estate

Nachrichtenquelle: Business Wire (engl.)
14.05.2020, 00:00  |  146   |   |   

CoStar Group, Inc. (NASDAQ: CSGP) the leading provider of commercial real estate information, analytics and online marketplaces, announced today that it plans to acquire Ten-X for $190 million in cash.

Ten-X was launched in 2009 with the goal of providing a digital transaction platform for effectively liquidating the large volume of distressed commercial real estate assets that came on the market during the Great Recession. Ten-X has since become a leading, best-in-class platform for digital commercial real estate transactions with close to $24 billion dollars of sales successfully executed on the platform. The Ten-X platform has transacted approximately $7 billion in retail properties, $6 billion in office properties, $4 billion in multifamily properties, $3 billion in hotel properties, and billions in value in other commercial property types. While Ten-X initially focused on distressed assets, non-distressed sellers and brokerage firms have increasingly come to rely on Ten-X to facilitate faster execution to transact properties.

The Ten-X transaction platform has become the trusted online platform for brokers across the country to execute transactions for their clients, including all of the top 25 US commercial real estate brokerage firms. Leading lenders, special servicers and institutional sellers have relied on Ten-X’s transaction platform to sell billions in assets. Fannie Mae, Bank of America, JP Morgan Chase, Blackstone, Starwood, BlackRock, Capital One, MetLife, LNR, UBS, PNC, and SunTrust are just some of the major institutions that have trusted the Ten-X platform to transact billions in online commercial property transactions.

Ten-X accelerates the property sales process by qualifying and independently evaluating the assets, identifying likely buyers from a database of 400,000 buyers from 73 countries, qualifying the bidders and funds, providing a powerful and flexible digital auction process, and managing online escrow. The online model accelerates the marketing period of the sales process, cutting deal times by up to 50% while providing reliable execution, value maximization and certainty of close.

CoStar Group operates the most heavily trafficked online marketplace for commercial properties and land for lease and sale in North America and Europe with 10 million monthly visitors in April 2020 to its websites including LoopNet.com and CoStar.com. After completion of the transaction, CoStar Group intends to integrate the Ten-X digital transaction platform directly into both LoopNet and CoStar thereby exposing the properties that brokers are selling on the Ten-X platform to millions of potential buyers from around the world.

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