Miami-based property listings search engine Global Listings has entered into a definitive agreement to acquire whole ownership of The World Property Journal in an all-cash transaction.
The company's consumer-facing real estate listings platform, GlobalListings.com, currently enjoys more than 3 million property postings per month from 105 different countries and is growing. As part of the deal, The World Property Journal will provide local real estate news content and market data on every listing page on the platform, regardless of listings category or location.
"We are extremely excited to announce the purchase and merger of the world's top international real estate news site with GlobalListings.com, the world's top-ranked international real estate listings search site," said Global Listings CEO and founder Michael Gerrity.
"By combining both companies' real estate listings, correlated local real estate market news and industry data on a single screen in the coming year, we are in effect building the future digital 'Bloomberg Terminal' for the global property industry with an addressable market value in excess of $270 trillion," Gerrity said.
"As the real estate industry goes digital in the coming decade, the integration of these two companies' Listings, News and Data capabilities will provide a consolidated 'information backbone' for the property industry to leverage on a global scale that does not exist today. This merger represents an equation of 2 + 2 = 5."
The purchase and merger, according to the company, should be complete by mid-2023.