REA to sell Europe business for $190m

REA Group is selling its assets in Luxembourg, Germany, France and Italy and plans to invest some of the proceeds in Australia, Asia and North America.

REA Group has agreed to sell its European businesses for $189.7 million to the UK's Oakley Capital Private Equity.

The digital real estate advertising company, which owns Australia's realestate.com.au website, will sell atHome Group S.a r.l. and REA Italia S.r.l. which operate in Luxembourg, France, Germany and Italy.

REA Group said the sale will yield a profit of $168.4 million, and will allow the company to sharpen its focus in key growth markets in Australia, Asia and North America.