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CoStar Group has tightened its grip on the commercial real estate data market across the pond

On Feb. 22, Bethesda, Md.-based real estate data provider CoStar Group acquired U.K. digital property platform Propex (Property Investment Exchange Ltd.) for $22 million in a cash/stock deal. Propex’ electronic platform of retail, office and industrial properties matches buyers and sellers of institutional-grade properties in the U.K. Propex had $5 million in revenues last year, reports CoStar. Propex will be operated by CoStar Ltd. subsidiary FOCUS Information Ltd. The secure Propex exchange processed billions of dollars in U.K. property transactions last year. “Our goal is to be the pre-eminent source of commercial real estate information in Europe,” says Andrew Florance, president and CEO of CoStar Group. CoStar trades on the NASDAQ under ticker symbol CSGP.

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