Google gets into the business of real estate auctions

With the support of Google Capital , the company was able to cut off an even larger piece of the global pie of the real estate trade , said Jeff Peace , CEO and co-founder of Auction.com . By his own account properties were sold for a total value of $ 20 billion since 2010 on the platform.

Google Capital will send two representatives to the executive suite of Auction.com . Thus, the Internet giant strategic stake Eigenern closes like Starwood Capital, Starwood Property Trust , Stone Point Capital and funds that are managed by subsidiaries of Fortress Investment Group.

Auction.com has 900 employees and has offices in Atlanta , Austin, Denver , Miami and Newport Beach. In Germany, the company has at the beginning of the branches surprisingly closed – justified by cost savings.

This Auction.com announced four auctions this year in Germany at the Expo in 2013 , and even long-term monthly auctions not excluded. But but the business was rather poor in this country . So of the 31 proposed buildings only about a quarter had found a buyer about the second auction of last year. But this was dismissed as “Startup problems ” .

So now comes in fresh capital from Google. The daughter Google Capital invests in companies that have the potential , with its technology to change customer behavior . Auction.com trust the Google management to be revealed to revolutionize the buying and selling of real estate with a view to smaller investors.

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