U.K.-based online real estate agency Emoov Ltd. was acquired by peer-to-peer lettings platform Mashroom and is set to re-launch a little over a month after it entered administration.
Property Week reported that the deal is understood to be worth about £300,000 and comes eight months after Emoov was valued at up to £125 million by Cenkos Securities PLC.
Mashroom plans to re-launch the agency under new management in late January, according to a release. Mashroom COO Naveen Jaspal will take on the same role at Emoov.
The online platform, which merged with peer Tepilo Ltd in May 2018, will carry on operating as a hybrid agency based on a branch-free, fixed-fee model with self-employed agents. Tepilo will operate under its own name as a hybrid estate agent under Mashroom management.
Meanwhile, Mashroom is set to officially launch in March.