Seloger.com, France’s No. 1 real estate site, recently acquired Belles Demeures group, publisher a monthly magazine and a Web site (www.bellesdemeures.com), dedicated to luxury properties.
Belles Demeures 2007 revenues were € 3.5 million. Seloger paid an undisclosed amount. Financial analysts were puzzled by the all-cash acquisition, given a recent drop in Seloger’s stock by nearly half. Seloger issued a profit warning and revised guidance for 2008 revenues to €69 million to €70 million – up at least 21 percent from 2007, but under the previous estimate of €73 million.
“Contrary to expectations, the weaker performance of the real estate market has resulted in a certain ‘wait-and-see’ stance among clients, particularly outside Paris, creating a slowdown in the rate of growth in new clients,” the company said.
