The first pan-European listings service designed to provide a platform for e-transactions has been launched by three global agents and the owner of EuroProperty and Estates Gazette.
CB Richard Ellis, DTZ, Jones Lang LaSalle, and Reed Business Information are to invest €30m (£18.8m) over the next two years to set up an independent company with offices in seven countries.
Provisionally called Project Pathway, the arms-length group will forge its own brand. Native-language listings plus research and information services will be developed in the UK, Belgium, France, Germany, Ireland, The Netherlands and Spain.
The longer-term objective is to develop a universal online transactions facility.
In countries where no service exists, one will be developed using the founding partners’ information. Where services do exist, alliances with local partners will be made. In the UK the Pathway group are all shareholders in EGPropertyLink, which is expected to supply the UK listings information.
