StockMarketWire.com - Real estate agency Purplebricks said it had formed a joint venture with Axel Springer to enter the German market and take a stake in online estate there agent Homeday.

Purplebricks also said it was trading in line with its expectations for the full year.

The joint venture acquire 25.9% of Homeday, including an investment by Purplebricks of €12.7m (£11.1m) and an initial 4% stake already held by Axel Springer.

The pair would have an option to acquire another combined 28.5% in Homeday in August 2019.

Purplebricks said trading in the UK was currently showing double-digit growth year-on-year in monthly instructions, with further market share gains, in what 'continues to be a challenging market'.

'Our investment in Homeday secures for us a strong foothold in Europe's second largest residential real estate market,' chief executive Michael Bruce said.

'This is a good opportunity for Purplebricks, allowing us to partner early with a dynamic and committed management team, while remaining focused on realising the opportunity in our existing markets.'



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